S.0857

Defines "contingent deferred annuity" and exempts it from standard nonforfeiture law.

This bill amends the South Carolina Code to define "contingent deferred annuity" as an annuity whose benefits, terms, or conditions can change. It exempts contingent deferred annuities from the standard nonforfeiture law for individual deferred annuities. The Department of Insurance may create regulations for nonforfeiture benefits for these annuities if deemed equitable by the director. The bill also updates definitions in the Managing General Agents Act.