South Carolina S 857: Contingent Deferred Annuities

Bill Text

2025-2026 Bill 857 Text of Previous Version (Apr. 30, 2026) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 857

Indicates Matter Stricken
Indicates New Matter

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

Indicates Matter 
Stricken

Indicates New Matter

Committee Report

April 30, 2026

S. 857

Introduced 
by Senator Turner 

S. Printed 4/30/26--H.

Read the first time February 24, 2026

________

The committee on House Labor, 
Commerce and Industry

To whom was referred a Bill (S. 857) to amend 
the South Carolina Code of Laws by amending Section 38-1-20, relating to 
insurance law definitions, so as to define the term "contingent deferred 
annuity", etc., respectfully

Report:

That they have duly and carefully considered 
the same, and recommend that the same do pass:

WILLIAM HERBKERSMAN for 
Committee.

_______

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 38-1-20, RELATING TO INSURANCE LAW DEFINITIONS, SO AS TO DEFINE THE 
TERM "CONTINGENT DEFERRED ANNUITY"; BY AMENDING SECTION 38-69-220, RELATING TO 
EXCEPTIONS FROM OPERATION OF THE STANDARD NONFORFEITURE LAW FOR INDIVIDUAL 
DEFERRED ANNUITIES, SO AS TO ADD AN EXCEPTION FOR CERTAIN PROVISIONS OF THE 
STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES, AND TO PROVIDE 
THE DEPARTMENT OF INSURANCE MAY PROMULGATE REGULATIONS FOR NONFORFEITURE BENEFITS 
FOR CONTINGENT DEFERRED ANNUITIES IN THE DISCRETION OF THE DIRECTOR OF THE 
DEPARTMENT IN CERTAIN CIRCUMSTANCES; AND BY AMENDING SECTION 38-44-20, RELATING 
TO DEFINITIONS IN THE MANAGING GENERAL AGENTS ACT, SO AS TO MAKE A CONFORMING 
CHANGE.

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

SECTION 1. Section 38-1-20 of the S.C. Code is amended to read:

 Section 
38-1-20. As used in this title, unless the context 
otherwise requires:

 (1) 
"Accident and health insurance" means insurance of human beings against death 
or personal injury by accident, and each insurance of human beings against 
sickness, ailment, and any type of physical disability resulting from accident 
or disease, and prepaid dental service, but not including coverages required by 
the Workers' Compensation Law of this State.

 (2) 
"Accommodation bondsman" means as defined in Section 38-53-10.

 (3) 
"Adjuster" means an individual who determines the extent of insured losses and 
assists in settling or attempts to settle claims.

 (4) 
"Admitted assets" means assets of an insurer considered admitted on the most 
recent statutory financial statement of the insurer filed with the department 
pursuant to Section 38-13-80.

 (5) 
"Admitted insurer" means an insurer licensed to do business in this State.

 (6) 
"Alien insurer" means an insurer incorporated or organized under the laws of a 
country other than the United States of America, its states, commonwealths, 
territories, or insular possessions.

 (7) 
"Annuity" means each contract or agreement to make periodic payments, whether 
in fixed or variable dollar amounts, or both, at specified intervals.

 (8)(a) "Appointment" means an individual 
designated by an official or authorized representative of an authorized insurer 
to act on its behalf as a producer.

 (b) 
"General appointment" means an appointment of a person who, as a representative 
of an insurer or insurers, is vested with authority to supervise producers and 
to exercise this management authority as is delegated to him by the principal. 
A producer appointed as a general also may perform the duties of a producer who 
holds a local or special appointment.

 (c) 
"Local appointment" means an appointment of a producer who has been authorized 
by an insurer to sell, solicit, or negotiate policies on an insurer's behalf.

 (d) 
"Special appointment" means an individual designated by an insurer to supervise 
and assist other producers in the proper discharge of their duties under an 
insurer's policy contract. A special appointment grants no authority to sell, 
solicit, or negotiate policies of insurance on behalf of an insurer.

 (9) 
"Bail bondsman" means as defined in Section 38-53-10.

 (10) 
"By" means on or before.

 (11) 
"Casualty insurance" means each insurance against legal liability of the 
insured for bodily injury to or death of another person, including workers' 
compensation insurance, and for damages to or loss or destruction of the 
property of another person; medical payments insurance when written in 
conjunction with insurance covering liability for the deaths or bodily injuries 
of another person; guaranteeing the fidelity of a person holding a position of 
public or private trust; loss of or damage to property caused by burglary, 
theft, larceny, robbery, fraud, or unlawful taking or secretion of property 
owned by or entrusted to the insured; loss of or damage to property of the 
insured resulting from the explosion of or damage to a fired