Texas Insurance Code 102.102 – Notice to Department
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(a) A charitable organization that issues qualified charitable gift annuities shall notify the department’s annuities division in writing not later than the date on which the organization enters into the organization’s first qualified charitable gift annuity agreement.
(b) The notice required by this section must:
(1) be signed by an officer or director of the organization;
(2) identify the organization; and
(3) certify that:
(A) the organization is a charitable organization; and
(B) the annuities issued by the organization are qualified charitable gift annuities.
Terms Used In Texas Insurance Code 102.102
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) The charitable organization may not be required to submit additional information except to determine appropriate penalties under Section 102.104.