South Carolina legislation · 126th General Assembly
South Carolina S857: Contingent Deferred Annuities
Status: Signed into law, June 2, 2026
What the bill says
To 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.
From the amended text, April 30, 2026:
A bill TO 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. B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. S ection 38-1-20 of the S.C. Code is amended to read: S ection 38-1-20. A s used in this title, unless the context otherwise requires: ( 1) "Accident and health insurance" means insurance of human beings against death or personal injury by accident, and each insurance of human beings against sickness, ailment, and any type of physical disability resulting from accident or disease, and prepaid dental service, but not including coverages required by the Workers' Compensation Law of this State. ( 2) "Accommodation bondsman" means as defined in Section …