H*2627(Rat #0274, Act #0182 of 1981)  General Bill, By S.H. Howard
 A Bill to amend Section 38-1-40, Code of Laws of South Carolina, 1976,
 relating to the authority of certain charitable, religious, benevolent or
 educational corporations to issue annuities without being subject to the
 insurance laws of this State, so as to also authorize such corporations to pay
 lump-sum benefits to a transferor without being subject to such insurance
 laws.

   03/26/81  House  Introduced and read first time HJ-1480
   03/26/81  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-1481
   06/11/81  House  Recalled from Committee on Labor, Commerce and
                     Industry HJ-3201
   06/16/81  House  Read second time HJ-3223
   06/17/81  House  Read third time and sent to Senate HJ-3257
   06/17/81  Senate Introduced and read first time SJ-14
   06/17/81  Senate Referred to Committee on Banking and Insurance SJ-14
   06/24/81  Senate Committee report: Favorable Banking and Insurance SJ-6
   07/15/81  Senate Read second time SJ-45
   10/01/81  Senate Read third time and enrolled SJ-5
   10/01/81  House  Ratified R 274 HJ-4855
   10/01/81         Signed By Governor
   10/01/81         Effective date 10/01/81
   10/01/81         Act No. 182
   10/15/81         Copies available

AN ACT TO AMEND SECTION 38-1-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF CERTAIN CHARITABLE, RELIGIOUS, BENEVOLENT OR EDUCATIONAL CORPORATIONS TO ISSUE ANNUITIES WITHOUT BEING SUBJECT TO THE INSURANCE LAWS OF THIS STATE, SO AS TO ALSO AUTHORIZE SUCH CORPORATIONS TO PAY LUMP-SUM BENEFITS TO A TRANSFER WITHOUT BEING SUBJECT TO SUCH INSURANCE LAWS.

Be it enacted by the General Assembly of the State of South Carolina:

Corporations to pay lump-sum benefits

Section 1. Section 38-1-40 of the 1976 Code is amended by inserting after "annuity" on line four "or lump-sum benefit." The section when amended shall read:

"Section 38-1-40. Any charitable, religious, benevolent or educational corporation, not operating for pecuniary gain 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. No corporation operating for pecuniary profit, including nursing homes or any other type of business, shall be permitted to issue charitable or gift annuities without the approval of the Chief Insurance Commissioner."

Time effective

Section 2. This act shall take effect upon approval by the Governor.