summary
Introduced
01/28/2026
01/28/2026
In Committee
02/24/2026
02/24/2026
Crossed Over
02/19/2026
02/19/2026
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 38-1-20, Relating To Insurance Law Definitions, So As To Define The Term "contingent Deferred Annuity"; By Amending Section 38-69-220, Relating To Exceptions From Operation Of The Standard Nonforfeiture Law For Individual Deferred Annuities, So As To Add An Exception For Certain Provisions Of The Standard Nonforfeiture Law For Individual Deferred Annuities, And To Provide The Department Of Insurance May Promulgate Regulations For Nonforfeiture Benefits For Contingent Deferred Annuities In The Discretion Of The Director Of The Department In Certain Circumstances; And By Amending Section 38-44-20, Relating To Definitions In The Managing General Agents Act, So As To Make A Conforming Change.
AI Summary
This bill amends South Carolina law to define "contingent deferred annuity" as an annuity contract where payments are made for the annuitant's lifetime, contingent on specific investments not owned by the insurer being depleted due to withdrawals, market performance, or fees. It also exempts these contingent deferred annuities from certain provisions of the Standard Nonforfeiture Law for Individual Deferred Annuities, which are rules designed to protect policyholders by ensuring they receive a minimum value if they stop paying premiums. However, the Department of Insurance is granted the discretion to establish equitable nonforfeiture benefits for these annuities through regulations if deemed necessary. Finally, the bill makes a conforming change to the definition of "insurer" within the Managing General Agents Act to align with existing definitions.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to Committee on Labor, Commerce and Industry (on 02/24/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0857&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/857_20260218.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/857_20260212.htm |
| Fiscal Note - S0857 2026-01-28 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0857%202026-01-28%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/857_20260128.htm |
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