S*1170(Rat #0384, Act #0348 of 1990)  General Bill, By 
Senate Banking and Insurance
 A Bill to amend Section 38-1-20, Code of Laws of South Carolina, 1976,
 relating to the definitions pertaining to insurance, so as to revise the
 definition of annuity.

   01/30/90  Senate Introduced, read first time, placed on calendar
                     without reference SJ-16
   01/31/90  Senate Read second time SJ-27
   02/01/90  Senate Read third time and sent to House SJ-12
   02/06/90  House  Introduced and read first time HJ-18
   02/06/90  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-18
   02/28/90  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-4
   03/07/90  House  Read second time HJ-28
   03/08/90  House  Read third time and enrolled HJ-14
   03/13/90         Ratified R 384
   03/19/90         Signed By Governor
   03/19/90         Effective date 03/19/90
   03/19/90         Act No. 348
   03/27/90         Copies available

AN ACT TO AMEND SECTION 38-1-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITIONS PERTAINING TO INSURANCE, SO AS TO REVISE THE DEFINITION OF ANNUITY.

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

Definition of "annuity revised"

SECTION 1. Section 38-1-20(7) of the 1976 Code is amended to read:

"(7) 'Annuity' means every contract or agreement to make periodic payments, whether in fixed or variable dollar amounts, or both, at specified intervals."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 19th day of March, 1990.