Defines "contingent deferred annuity" and exempts them from certain nonforfeiture law provisions.

This bill amends the South Carolina Code to define "contingent deferred annuity" as an annuity through a master, corporate, group, or individual policy. It exempts contingent deferred annuities from certain nonforfeiture law provisions, allowing the Department of Insurance to promulgate regulations for nonforfeiture benefits for these annuities in the director's discretion. The changes take effect 90 days after approval by the Governor.

Defines "contingent deferred annuity" and exempts them from certain nonforfeiture law provisions.

This bill amends the South Carolina Code to define "contingent deferred annuity" as an annuity through a master, corporate, group, or individual policy. It exempts contingent deferred annuities from certain nonforfeiture law provisions, allowing the Department of Insurance to promulgate regulations for nonforfeiture benefits for these annuities in the director's discretion. The changes take effect 90 days after approval by the Governor.