South Carolina S0619 amends the priority of distribution for claims in insurer liquidation.

South Carolina S0619 amends the South Carolina Code to modify the priority of distribution for claims during insurer liquidation. Specifically, it adds funding agreements to Class 2 claims, treating them as loss claims. This includes claims under life insurance, annuity policies, and funding agreements for death proceeds, annuity proceeds, or investment values. The amendment ensures that certain benefits or advantages recovered by the claimant are not included in this class, except for familial obligations of support, succession at death, life insurance proceeds, or gratuities.

South Carolina S0619 amends the priority of distribution for claims in insurer liquidation.

South Carolina S0619 amends the South Carolina Code to modify the priority of distribution for claims during insurer liquidation. Specifically, it adds funding agreements to Class 2 claims, treating them as loss claims. This includes claims under life insurance, annuity policies, and funding agreements for death proceeds, annuity proceeds, or investment values. The amendment ensures that certain benefits or advantages recovered by the claimant are not included in this class, except for familial obligations of support, succession at death, life insurance proceeds, or gratuities.