S*0255(Rat #0070, Act #0042 of 1983)  General Bill, By 
Senate Banking and Insurance

Similar(S 148)
 A Bill to amend Section 38-21-1320, Code of Laws of South Carolina, 1976,
 relating to legal minimum standard valuations of death benefit certificates
 for fraternal benefit associations, so as to authorize such associations to
 use mortality standards and interest assumptions used by domestic life
 insurers and delete disability benefits from the benefits computed under the
 Section.

   02/22/83  Senate Introduced, read first time, placed on calendar
                     without reference SJ-510
   02/23/83  Senate Read second time SJ-525
   02/24/83  Senate Read third time and sent to House SJ-550
   03/01/83  House  Introduced and read first time HJ-1214
   03/01/83  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-1214
   04/13/83  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-2165
   04/19/83  House  Read second time HJ-2293
   04/20/83  House  Read third time and enrolled HJ-2311
   04/21/83         Ratified R 70
   04/21/83         Signed By Governor
   04/21/83         Effective date 04/21/83
   04/21/83         Act No. 42
   04/26/83         Copies available

AN ACT TO AMEND SECTION 38-21-1320, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LEGAL MINIMUM STANDARD VALUATIONS OF DEATH BENEFIT CERTIFICATES FOR FRATERNAL BENEFIT ASSOCIATIONS, SO AS TO AUTHORIZE SUCH ASSOCIATIONS TO USE MORTALITY STANDARDS AND INTEREST ASSUMPTIONS USED BY DOMESTIC LIFE INSURERS AND DELETE DISABILITY BENEFITS FROM THE BENEFITS COMPUTED UNDER THE SECTION.

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

Legal minimum standard valuation

SECTION 1. Section 38-21-1320 of the 1976 Code is amended to read:

"Section 38-21-1320. The legal minimum standard valuation for all certificates except for disability benefits must be the National Fraternal Congress Table of Mortality as adopted by the National Fraternal Congress August 23, 1899, or, at its option, any association may use a table based upon the association's own experience of at least twenty years and covering not less than one hundred thousand lives with interest assumption of not more than three and one-half percent per annum, or according to such mortality standards and interest assumptions as may be authorized for use by domestic life insurers."

Time effective

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