The bill H. 5094 seeks to amend the South Carolina Code of Laws by introducing definitions and provisions related to "contingent deferred annuities." It defines "contingent deferred annuity" as an annuity contract that requires a life insurer to make periodic payments for the annuitant's lifetime once certain investments are depleted. The bill also amends Section 38-69-220 to provide an exception from the standard nonforfeiture law for individual deferred annuities, granting the Department of Insurance the authority to create regulations regarding nonforfeiture benefits for these annuities at the discretion of the department's director. Additionally, it updates the definition of "Insurer" in Section 38-44-20(2) to align with the existing definition in Section 38-1-20.

Moreover, the bill introduces a definition for "International major medical insurance," which is a temporary health insurance policy covering medical expenses incurred while traveling or temporarily residing outside of a person's home country. It also clarifies that certain financial products, including reinsurance and various types of annuities, are exempt from the provisions of this article. These amendments aim to enhance the legal framework surrounding contingent deferred annuities and ensure effective regulation by the Department of Insurance. The act is set to take effect 90 days after receiving approval from the Governor.

Statutes affected:
02/04/2026: 38-1-20, 38-69-220, 38-44-20
Latest Version: 38-1-20, 38-69-220, 38-44-20