The bill S. 857 seeks to amend the South Carolina Code of Laws by introducing the definition of "contingent deferred annuity" in Section 38-1-20, which is characterized as an annuity contract that requires a life insurer to make periodic payments for the annuitant's lifetime once certain investments are exhausted. Additionally, it amends Section 38-69-220 to create an exception to the standard nonforfeiture law for individual deferred annuities, granting the Department of Insurance the authority to establish regulations for nonforfeiture benefits for contingent deferred annuities at the discretion of the department's director under specific conditions.

Moreover, the bill includes a definition for "International major medical insurance," which refers to temporary health insurance covering expenses for illnesses or accidents while traveling or temporarily residing outside one's home country. It also clarifies that certain financial products, including reinsurance and various annuities, are exempt from the provisions of this article. The definition of "Insurer" in Section 38-44-20(2) is amended to align with the new definitions in Section 38-1-20. The act is set to take effect ninety days after receiving approval from the Governor.

Statutes affected:
Latest Version: 38-1-20, 38-69-220, 38-44-20