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Indicates Matter Stricken
Indicates New Matter
S. 1290
STATUS INFORMATION
Joint Resolution
Sponsors: Banking and Insurance Committee
Document Path: l:\council\bills\dbs\31618wab22.docx
Introduced in the Senate on April 26, 2022
Currently residing in the Senate
Summary: Department of Insurance - JR to Approve Regulation Document No. 5065
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/26/2022 Senate Introduced, read first time, placed on calendar without reference (Senate Journal-page 6)
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VERSIONS OF THIS BILL
INTRODUCED
April 26, 2022
S. 1290
S. Printed 4/26/22--S.
Read the first time April 26, 2022.
TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO SUITABILITY IN ANNUITY TRANSACTIONS, DESIGNATED AS REGULATION DOCUMENT NUMBER 5065, 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 Suitability in Annuity Transactions, designated as Regulation Document Number 5065, 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 Department is proposing to amend Regulation 69-29 to enhance protections for consumers seeking lifetime income through annuities. The requirements it imposes on insurance producers ensures that they will act in the best interest of the consumers they serve. This amendment is based on the National Association of Insurance Commissioners Model Regulation.
The Notice of Drafting was published in the State Register on August 27, 2021.
This web page was last updated on April 27, 2022 at 8:39 AM