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S. 355
STATUS INFORMATION
General Bill
Sponsors: Senator Verdin
Document Path: l:\s-res\dbv\003insu.eb.dbv.docx
Introduced in the Senate on January 21, 2015
Currently residing in the Senate Committee on Banking and Insurance
Summary: Annuities and lump-sum benefits
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/21/2015 Senate Introduced and read first time (Senate Journal-page 4)
1/21/2015 Senate Referred to Committee on Banking and Insurance
(Senate Journal-page 4)
View the latest legislative information at the website
VERSIONS OF THIS BILL
A BILL TO AMEND SECTION 38-5-20 OF THE 1976 CODE, RELATING TO CHARITABLE, RELIGIOUS, AND OTHER CORPORATIONS AUTHORIZED TO ISSUE ANNUITIES OR PAY LUMP-SUM BENEFITS WITHOUT BEING SUBJECT TO INSURANCE LAWS, SO AS TO PROVIDE SUBSECTIONS FOR CLARIFICATION PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-5-20 of the 1976 Code is amended to read:
"Section 38-5-20. (A) A charitable, religious, benevolent, or educational corporation, not operating for profit and in active operation for at least five years, may receive transfers of property conditioned upon its agreement to pay an annuity or lump-sum benefit to the transferor or his nominee without being subject to the insurance laws of this State.
(B) No corporation operating for profit, including nursing homes or any other type of business, is permitted to issue charitable or gift annuities without the director's or his designee's approval."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on January 22, 2015 at 1:42 PM