Bill 255

                    Current Status

Bill Number:               255
Ratification Number:       70
Act Number                 42
Introducing Body:          Senate
Subject:                   Minimum standard valuations of death
                           benefit certificates for fraternal
           benefit associations

(A42, R70, S255)

AN ACT TO AMEND SECTION 38-21-1320, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LEGAL MINIMUM STANDARD VALUATIONS OF DEATH BENEFIT CERTIFICATES FOR FRATERNAL BENEFIT ASSOCIATIONS, SO AS TO AUTHORIZE SUCH ASSOCIATIONS TO USE MORTALITY STANDARDS AND INTEREST ASSUMPTIONS USED BY DOMESTIC LIFE INSURERS AND DELETE DISABILITY BENEFITS FROM THE BENEFITS COMPUTED UNDER THE SECTION.

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

Legal minimum standard valuation

SECTION 1. Section 38-21-1320 of the 1976 Code is amended to read:

"Section 38-21-1320. The legal minimum standard valuation for all certificates except for disability benefits must be the National Fraternal Congress Table of Mortality as adopted by the National Fraternal Congress August 23, 1899, or, at its option, any association may use a table based upon the association's own experience of at least twenty years and covering not less than one hundred thousand lives with interest assumption of not more than three and one-half percent per annum, or according to such mortality standards and interest assumptions as may be authorized for use by domestic life insurers."

Time effective

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