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Session 121 - (2015-2016)Printer Friendly
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S 0653 General Bill, By Scott
Summary: Life insurance
    A BILL TO AMEND SECTION 38-63-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAYMENT OF INDIVIDUAL LIFE INSURANCE POLICY BENEFIT PROCEEDS IN A LUMP SUM, SO AS TO PROVIDE THE INTEREST PAID MUST BE PAID AT A RATE NOT LESS THAN THE CURRENT RATE INTEREST PAID ON DEATH PROCEEDS LEFT ON DEPOSIT WITH THE INSURER; AND TO AMEND SECTION 38-65-120, RELATING TO PAYMENT OF GROUP LIFE INSURANCE POLICY BENEFIT PROCEEDS IN A LUMP SUM, SO AS TO CLARIFY THE REQUIREMENTS FOR CLAIMS SUBMISSIONS, AND TO PROVIDE INTEREST PAID ON LUMP SUM PAYMENTS MUST BE PAID AT A RATE NOT LESS THAN THE CURRENT RATE OF INTEREST PAID ON DEATH PROCEEDS LEFT ON DEPOSIT WITH THE INSURER.
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04/14/15Senate Introduced and read first time (Senate Journal-page 10)
04/14/15Senate Referred to Committee on Banking and Insurance (Senate Journal-page 10)
06/02/15Senate Committee report: Favorable with amendment Banking and Insurance (Senate Journal-page 18)
03/09/16Senate Committee Amendment Adopted (Senate Journal-page 10)
03/15/16Senate Amended (Senate Journal-page 11)
03/16/16Senate Read second time (Senate Journal-page 11)
03/16/16Senate Roll call Ayes-37 Nays-0 (Senate Journal-page 11)
03/17/16Senate Read third time and sent to House (Senate Journal-page 20)
03/23/16House Introduced and read first time (House Journal-page 22)
03/23/16House Referred to Committee on Labor, Commerce and Industry (House Journal-page 22)
05/05/16House Committee report: Favorable Labor, Commerce and Industry (House Journal-page 158)
05/17/16House Requests for debate-Rep(s). GM Smith, Ott, JE Smith, Bamberg, Douglas, King, Williams, Hart, Parks, MS McLeod, Fry, Crosby, Danning, Sottile, HA Crawford, Hosey, RL Brown, Kennedy, McCoy, Huggins, Loftis, Stavrinakis (House Journal-page 41)



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