South Carolina General Assembly
124th Session, 2021-2022

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Indicates New Matter

S. 1290

STATUS INFORMATION

Joint Resolution
Sponsors: Banking and Insurance Committee
Document Path: l:\council\bills\dbs\31618wab22.docx

Introduced in the Senate on April 26, 2022
Currently residing in the Senate

Summary: Department of Insurance - JR to Approve Regulation Document No. 5065

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   4/26/2022  Senate  Introduced, read first time, placed on calendar without 
                        reference (Senate Journal-page 6)

View the latest legislative information at the website

VERSIONS OF THIS BILL

4/26/2022
4/26/2022-A

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

INTRODUCED

April 26, 2022

S. 1290

Introduced by Banking and Insurance Committee

S. Printed 4/26/22--S.

Read the first time April 26, 2022.

            

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO SUITABILITY IN ANNUITY TRANSACTIONS, DESIGNATED AS REGULATION DOCUMENT NUMBER 5065, 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 Suitability in Annuity Transactions, designated as Regulation Document Number 5065, 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.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The Department is proposing to amend Regulation 69-29 to enhance protections for consumers seeking lifetime income through annuities. The requirements it imposes on insurance producers ensures that they will act in the best interest of the consumers they serve. This amendment is based on the National Association of Insurance Commissioners Model Regulation.

The Notice of Drafting was published in the State Register on August 27, 2021.

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This web page was last updated on April 27, 2022 at 8:39 AM