South Carolina General Assembly
116th Session, 2005-2006

Download This Version in Microsoft Word format

Bill 868

Indicates Matter Stricken
Indicates New Matter

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

INTRODUCED

May 19, 2005

S. 868

Introduced by Banking and Insurance Committee

S. Printed 5/19/05--S.

Read the first time May 19, 2005.

            

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS, DESIGNATED AS REGULATION DOCUMENT NUMBER 2978, 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 Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits, designated as Regulation Document Number 2978, 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.

----XXX----

SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The South Carolina Department of Insurance proposes to create Regulation 69-57.1 in order to recognize, permit and prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality Table in accordance with South Carolina Code Section 38-9-180 and Section 38-63-510 et seq. as well as Regulation 69-57, Valuation of Life Insurance Policies.

----XX----

This web page was last updated on Tuesday, June 23, 2009 at 2:52 P.M.