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COMMITTEE REPORT
April 18, 2007
S. 626
S. Printed 4/18/07--H.
Read the first time April 10, 2007.
To whom was referred a Joint Resolution (S. 626) to approve regulations of the Department of Insurance, relating to recognition of preferred mortality tables for use in determining minimum reserve liabilities, designated as Regulation Document Number 3115, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HARRY F. CATO for Committee.
TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES, DESIGNATED AS REGULATION DOCUMENT NUMBER 3115, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The regulations of the Department of Insurance, relating to Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities, designated as Regulation Document Number 3115, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
This regulation recognizes, permits and prescribes the use of mortality tables that reflect differences in mortality between preferred and standard lives in determining minimum reserve liabilities, in accordance with applicable provisions of South Carolina Code of Laws Section 38-9-180, the Standard Valuation Law, and Regulation 69-57, Valuation of Life Insurance Policies. This regulation requires insurers electing to use the preferred class structure mortality table to report certain information, including mortality experience, unless exempted from this requirement by the director.
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