SC S0857

Defines "contingent deferred annuity" in South Carolina insurance law as an annuity contract where a life insurer makes lifetime payments when designated investments (not owned by the insurer) are depleted to a contractually defined amount 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 director to establish nonforfeiture benefits for contingent deferred annuities through order or regulation if deemed equitable to contract holders and appropriate for the risks insured.

Makes conforming changes to update cross-references in the Managing General Agents Act definition of "insurer" to reflect the new numbering.

Takes effect 90 days after the Governor's approval.