HOUSE BILL NO. 270
AN ACT TO AMEND CHAPTER 29, TITLE 18 OF THE DELAWARE CODE TO EXEMPT CHARITABLE GIFT ANNUITIES FROM THE INSURANCE LAWS OF THE STATE OF DELAWARE.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Section 2902, Title 18, Delaware Code by striking the first sentence and substituting the following in lieu thereof:
"For this title an 'annuity' is a contract, issued by a person which is not classified by the Internal Revenue Service as exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1954, as subsequently amended, under which obligations are assumed as to periodic payments for specific term or terms or where the making or continuance of all or some such payments, or the amount of any such payment, is dependent upon continuance of human life."
Approved July 13, 1983