By:  Sibley                                           S.B. No. 1948

                                A BILL TO BE ENTITLED

                                       AN ACT

 1-1     relating to the treatment of certain annuities as charitable gift

 1-2     annuities and the application of the Insurance Code and certain

 1-3     other laws to charitable gift annuities.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Article 1.14-1A, Insurance Code, is amended by

 1-6     adding Section 7 to read as follows:

 1-7           Sec. 7.  TREATMENT OF ANNUITY AS CHARITABLE GIFT ANNUITY.

 1-8     Any annuity treated by the donor as a charitable gift annuity for

 1-9     any federal tax purpose shall be considered in any litigation or

1-10     proceeding brought by or on behalf of the donor or the donor's

1-11     heirs or distributees as a charitable gift annuity issued by a

1-12     charitable organization for purposes of Sections 1, 2, and 6 of

1-13     this article and Section 2(b), Article 1.14-1 of this code.

1-14           SECTION 2.  Sections 1, 2, 6, and 7, Article 1.14-1A,

1-15     Insurance Code, and Subsection (b), Section 2, Article 1.14-1,

1-16     Insurance Code, as those sections exist on the effective date of

1-17     this Act, apply to any charitable gift annuity issued before, on,

1-18     or after the effective date of this Act, including any charitable

1-19     gift annuity that is the subject of any litigation or other

1-20     proceeding that is pending before, on, or after the effective date

1-21     of this Act.

1-22           SECTION 3.  The importance of this legislation and the

1-23     crowded condition of the calendars in both houses create an

 2-1     emergency and an imperative public necessity that the

 2-2     constitutional rule requiring bills to be read on three several

 2-3     days in each house be suspended, and this rule is hereby suspended,

 2-4     and that this Act take effect and be in force from and after its

 2-5     passage, and it is so enacted.