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A168, R145, S619
STATUS INFORMATION
General Bill
Sponsors: Senators Gambrell and Turner
Companion/Similar bill(s): 4457
Document Path: LC-0179PH25.docx
Introduced in the Senate on April 29, 2025
Introduced in the House on February 24, 2026
Currently residing in the House
Governor's Action: May 18, 2026, Signed
Summary: Insurer liquidation
HISTORY OF LEGISLATIVE ACTIONS
| Date | Body | Action Description with journal page number |
|---|---|---|
| 4/29/2025 | Senate | Introduced and read first time (Senate Journal-page 9) |
| 4/29/2025 | Senate | Referred to Committee on Banking and Insurance (Senate Journal-page 9) |
| 2/12/2026 | Senate | Committee report: Favorable Banking and Insurance (Senate Journal-page 27) |
| 2/18/2026 | Senate | Read second time (Senate Journal-page 27) |
| 2/18/2026 | Senate | Roll call Ayes-44 Nays-0 (Senate Journal-page 27) |
| 2/19/2026 | Senate | Read third time and sent to House (Senate Journal-page 10) |
| 2/24/2026 | House | Introduced and read first time (House Journal-page 61) |
| 2/24/2026 | House | Referred to Committee on Labor, Commerce and Industry (House Journal-page 61) |
| 4/30/2026 | House | Committee report: Favorable Labor, Commerce and Industry (House Journal-page 7) |
| 5/5/2026 | House | Debate adjourned until Wed., 5-6-26 (House Journal-page 37) |
| 5/6/2026 | House | Debate adjourned |
| 5/7/2026 | House | Read second time (House Journal-page 70) |
| 5/7/2026 | House | Roll call Yeas-102 Nays-0 (House Journal-page 70) |
| 5/7/2026 | House | Unanimous consent for third reading on next legislative day (House Journal-page 71) |
| 5/8/2026 | House | Read third time and enrolled (House Journal-page 3) |
| 5/14/2026 | Ratified R 145 | |
| 5/18/2026 | Signed By Governor | |
| 5/27/2026 | Effective date 05/18/26 | |
| 5/27/2026 | Act No. 168 |
View the latest legislative information at the website
VERSIONS OF THIS BILL
04/29/2025
02/12/2026
04/30/2026
NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.
(A168, R145, S619)
AN ACT 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:
Priority of distribution
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, 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.
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 14th day of May, 2026.
Approved the 18th day of May, 2026.
This web page was last updated on June 2, 2026 at 11:17 AM