South Carolina General Assembly
124th Session, 2021-2022

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Indicates New Matter

S. 705

STATUS INFORMATION

Joint Resolution
Sponsors: Banking and Insurance Committee
Document Path: l:\council\bills\dbs\31587cz21.docx

Introduced in the Senate on March 25, 2021
Currently residing in the Senate Committee on Banking and Insurance

Summary: Department of Insurance - JR to Approve Regulation Document No. 5028

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   3/25/2021  Senate  Introduced, read first time, placed on calendar without 
                        reference (Senate Journal-page 4)
    4/7/2021  Senate  Recommitted to Committee on Banking and Insurance 
                        (Senate Journal-page 36)

View the latest legislative information at the website

VERSIONS OF THIS BILL

3/25/2021
3/25/2021-A

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

INTRODUCED

March 25, 2021

S. 705

Introduced by Banking and Insurance Committee

S. Printed 3/25/21--S.

Read the first time March 25, 2021.

            

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING, DESIGNATED AS REGULATION DOCUMENT NUMBER 5028, 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 Term and Universal Life Insurance Reserve Financing, designated as Regulation Document Number 5028, 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 implement Regulation 69-81 to establish uniform, national standards governing reserve financing arrangements pertaining to term and universal life insurance policies with secondary guarantees. These amendments are based upon the National Association of Insurance Commissioners (NAIC) Model Regulation which has been drafted to implement these standards.

The Notice of Drafting was published in the November 27, 2020 edition of the State Register.

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This web page was last updated on April 8, 2021 at 9:10 AM