SC H5094

Defines "contingent deferred annuity" in South Carolina insurance law as an annuity contract where a life insurer must make periodic payments for the annuitant's lifetime once designated investments (not held by the insurer) are depleted due to withdrawals, market performance, or fees

Exempts contingent deferred annuities from the Standard Nonforfeiture Law for Individual Deferred Annuities (Sections 38-69-230 through 38-69-280)

Authorizes the Department of Insurance to promulgate regulations for nonforfeiture benefits for contingent deferred annuities that are equitable to contract holders and appropriate for the risks insured

Makes conforming changes to the Managing General Agents Act definition of "insurer" to reflect renumbered sections

Takes effect 90 days after approval by the Governor