Amends South Carolina insurance law to include funding agreements in the priority of claims distribution.

This bill amends South Carolina's insurance law to modify the priority of claims distribution for insurer liquidation. Specifically, it adds funding agreements to Class 2 claims, which include claims under policies for losses incurred, third-party claims, and claims of guaranty associations. Funding agreements for death proceeds, annuity proceeds, or investment values are now treated as Class 2 claims. This change aims to clarify and prioritize the distribution of claims during liquidation. The act takes effect upon approval by the Governor.

Amends South Carolina insurance law to include funding agreements in the priority of claims distribution.

This bill amends South Carolina's insurance law to modify the priority of claims distribution for insurer liquidation. Specifically, it adds funding agreements to Class 2 claims, which include claims under policies for losses incurred, third-party claims, and claims of guaranty associations. Funding agreements for death proceeds, annuity proceeds, or investment values are now treated as Class 2 claims. This change aims to clarify and prioritize the distribution of claims during liquidation. The act takes effect upon approval by the Governor.