S 0977 General Bill, By Saleeby, McConnell and T.H. Pope

Similar(S 1098)
 A Bill to amend Section 38-69-120, Code of Laws of South Carolina, 1976,
 relating to the incontestability of annuity contracts and the exceptions
 thereto, so as to provide for the required contents of certain annuities and
 endowment contracts, to amend Article 1, Chapter 69, Title 38, relating to
 annuities by adding Section 38-69-30 so as to provide that when the proceeds
 of an annuity becoming a claim by the death of the insured are left with an
 insurance company under a trust or other agreement, the benefits accruing
 thereunder after the death of the insured are not transferrable nor subject to
 computation or incumbrance nor to legal process, except in an action to
 recover for necessaries if the parties to the trust or other agreement so
 agree, and to repeal Section 38-69-130 relating to limitations on proceedings
 to contest certain annuity contracts.
   12/21/87  Senate Prefiled
   12/21/87  Senate Referred to Committee on Banking and Insurance
   01/12/88  Senate Introduced and read first time SJ-241
   01/12/88  Senate Referred to Committee on Banking and Insurance SJ-24