South Carolina General Assembly
126th Session, 2025-2026

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H. 4457

STATUS INFORMATION

General Bill
Sponsors: Rep. Gagnon
Companion/Similar bill(s): 619
Document Path: LC-0157PH25.docx

Introduced in the House on April 30, 2025
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Insurer liquidation

HISTORY OF LEGISLATIVE ACTIONS

Date Body Action Description with journal page number
4/30/2025 House Introduced and read first time (House Journal-page 104)
4/30/2025 House Referred to Committee on Labor, Commerce and Industry (House Journal-page 104)

View the latest legislative information at the website

VERSIONS OF THIS BILL

04/30/2025



 

 

 

 

 

 

 

 

A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 38-27-610, RELATING TO PRIORITY OF DISTRIBUTION FOR CLAIMS, SO AS TO ADD FUNDING AGREEMENTS.

 

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

 

SECTION 1.  Section 38-27-610(2) of the S.C. Code is amended to read:

 

    (2) Class 2. Claims under policies, including claims of federal, state, and local governments, for losses incurred, loss claims, including third party claims, and claims of a guaranty association or foreign guaranty association. Claims under life insurance, and annuity policies, and funding agreements whether for death proceeds, annuity proceeds, or investment values, must be treated as loss claims. That portion of a loss, indemnification for which is provided by other benefits or advantages recovered by the claimant, must not be included in this class, other than benefits or advantages recovered or recoverable in discharge of familial obligations of support or by way of succession at death, or as proceeds of life insurance or as gratuities. No payment by an employer to his employee may be treated as a gratuity.

 

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

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This web page was last updated on April 30, 2025 at 2:56 PM