South Carolina General Assembly
117th Session, 2007-2008

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Bill 1201

Indicates Matter Stricken
Indicates New Matter

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

INTRODUCED

March 12, 2008

S. 1201

Introduced by Banking and Insurance Committee

S. Printed 3/12/08--S.

Read the first time March 12, 2008.

            

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO ACTUARIAL OPINION AND MEMORANDUM REGULATION, DESIGNATED AS REGULATION DOCUMENT NUMBER 3180, 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 Actuarial Opinion and Memorandum Regulation, designated as Regulation Document Number 3180, 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.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The South Carolina Department of Insurance proposes to amend Regulation 69-52, Actuarial Opinion and Memorandum Regulation, to require that all life insurance companies and fraternal benefit societies licensed in this state file an actuarial opinion based on an asset adequacy analysis. Currently, certain insurance companies and fraternal benefit societies licensed in this state are exempt from filing an actuarial opinion based on an asset adequacy analysis. The proposed amendments 1) provide that all companies must perform an asset adequacy analysis; 2) allow greater flexibility for states to accept actuarial opinions based on foreign states' laws; 3) update the documentation requirements to be incorporated into the asset adequacy analysis; and 4) provide that a "Regulatory Asset Analysis Issues Summary" be prepared that summarizes the major assumptions and economic scenarios embedded in the actuarial memorandum. These amendments are based upon the most recent version of the NAIC model regulation that will become an accreditation standard for actuarial opinions issued on or after January 1, 2008. A Notice of Drafting for the proposed regulation was published in the South Carolina State Register on October 26, 2007. The proposed regulation requires Legislative Review.

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