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May 19, 2005
S. Printed 5/19/05--S.
Read the first time May 19, 2005.
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.
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.
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