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COMMITTEE REPORT
March 21, 2001
S. 365
S. Printed 3/21/01--H.
Read the first time March 7, 2001.
To whom was referred a Joint Resolution (S. 365) to approve regulations of the Department of Insurance, relating to annuity mortality tables for use in determining reserve liabilities for annuities, designated as Regulation Document Number 2553, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HARRY F. CATO for Committee.
TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES, DESIGNATED AS REGULATION DOCUMENT NUMBER 2553, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The regulations of the Department of Insurance, relating to annuity mortality tables for use in determining reserve liabilities for annuities, designated as Regulation Document Number 2553, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
The regulation proposes to amend Regulation 69-37, Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities, so as to update the mortality tables to better reflect current experience for all annuity products issued in South Carolina.
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