S*255 Session 105 (1983-1984)
S*0255(Rat #0070, Act #0042 of 1983) General Bill, By
Senate Banking and Insurance
Similar(S 148)
A Bill to amend Section 38-21-1320, Code of Laws of South Carolina, 1976,
relating to legal minimum standard valuations of death benefit certificates
for fraternal benefit associations, so as to authorize such associations to
use mortality standards and interest assumptions used by domestic life
insurers and delete disability benefits from the benefits computed under the
Section.
02/22/83 Senate Introduced, read first time, placed on calendar
without reference SJ-510
02/23/83 Senate Read second time SJ-525
02/24/83 Senate Read third time and sent to House SJ-550
03/01/83 House Introduced and read first time HJ-1214
03/01/83 House Referred to Committee on Labor, Commerce and
Industry HJ-1214
04/13/83 House Committee report: Favorable Labor, Commerce and
Industry HJ-2165
04/19/83 House Read second time HJ-2293
04/20/83 House Read third time and enrolled HJ-2311
04/21/83 Ratified R 70
04/21/83 Signed By Governor
04/21/83 Effective date 04/21/83
04/21/83 Act No. 42
04/26/83 Copies available
(A42, R70, S255)
AN ACT TO AMEND SECTION 38-21-1320, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO LEGAL MINIMUM STANDARD VALUATIONS OF DEATH BENEFIT CERTIFICATES
FOR FRATERNAL BENEFIT ASSOCIATIONS, SO AS TO AUTHORIZE SUCH ASSOCIATIONS TO
USE MORTALITY STANDARDS AND INTEREST ASSUMPTIONS USED BY DOMESTIC LIFE
INSURERS AND DELETE DISABILITY BENEFITS FROM THE BENEFITS COMPUTED UNDER THE
SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
Legal minimum standard valuation
SECTION 1. Section 38-21-1320 of the 1976 Code is amended to read:
"Section 38-21-1320. The legal minimum standard valuation for all certificates except for disability
benefits must be the National Fraternal Congress Table of Mortality as adopted by the National Fraternal
Congress August 23, 1899, or, at its option, any association may use a table based upon the association's own
experience of at least twenty years and covering not less than one hundred thousand lives with interest
assumption of not more than three and one-half percent per annum, or according to such mortality standards
and interest assumptions as may be authorized for use by domestic life insurers."
Time effective
SECTION 2. This act shall take effect upon approval by the Governor. |