South Carolina General Assembly
104th Session, 1981-1982

Bill 2627

                    Current Status

Bill Number:               2627
Ratification Number:       274
Act Number                 182
Introducing Body:          House
Subject:                   Corporations to pay lump-sum
                           benefits
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A182, R274, H2627)

AN ACT TO AMEND SECTION 38-1-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF CERTAIN CHARITABLE, RELIGIOUS, BENEVOLENT OR EDUCATIONAL CORPORATIONS TO ISSUE ANNUITIES WITHOUT BEING SUBJECT TO THE INSURANCE LAWS OF THIS STATE, SO AS TO ALSO AUTHORIZE SUCH CORPORATIONS TO PAY LUMP-SUM BENEFITS TO A TRANSFER WITHOUT BEING SUBJECT TO SUCH INSURANCE LAWS.

Be it enacted by the General Assembly of the State of South Carolina:

Corporations to pay lump-sum benefits

Section 1. Section 38-1-40 of the 1976 Code is amended by inserting after "annuity" on line four "or lump-sum benefit." The section when amended shall read:

"Section 38-1-40. Any charitable, religious, benevolent or educational corporation, not operating for pecuniary gain and in active operation for at least five years, may receive transfers of property conditioned upon its agreement to pay an annuity or lump-sum benefit to the transferor or his nominee without being subject to the insurance laws of this State. No corporation operating for pecuniary profit, including nursing homes or any other type of business, shall be permitted to issue charitable or gift annuities without the approval of the Chief Insurance Commissioner."

Time effective

Section 2. This act shall take effect upon approval by the Governor.