Insurer liquidation

2025-2026 Bill 619: Insurer liquidation

South Carolina General Assembly

126th Session, 2025-2026

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A168, R145, S619

STATUS INFORMATION

General Bill

Sponsors: Senators Gambrell and Turner

Companion/Similar bill(s): 4457

Document Path: LC-0179PH25.docx

Introduced in the Senate on April 29, 2025

Introduced in the House on February 24, 2026

Currently residing in the House

Governor's Action: May 18, 2026, Signed

Summary: Insurer liquidation

HISTORY OF LEGISLATIVE ACTIONS

Date

Body

Action Description with journal page number

4/29/2025

Senate

Introduced and read first time (
Senate Journal-page 9
)

4/29/2025

Senate

Referred to Committee on
Banking and Insurance
(
Senate Journal-page 9
)

2/12/2026

Senate

Committee report: Favorable
Banking and Insurance
(
Senate Journal-page 27
)

2/18/2026

Senate

Read second time (
Senate Journal-page 27
)

2/18/2026

Senate

Roll call Ayes-44 Nays-0 (
Senate Journal-page 27
)

2/19/2026

Senate

Read third time and sent to House (
Senate Journal-page 10
)

2/24/2026

House

Introduced and read first time (
House Journal-page 61
)

2/24/2026

House

Referred to Committee on
Labor, Commerce and Industry
(
House Journal-page 61
)

4/30/2026

House

Committee report: Favorable
Labor, Commerce and Industry
(
House Journal-page 7
)

5/5/2026

House

Debate adjourned until Wed., 5-6-26 (
House Journal-page 37
)

5/6/2026

House

Debate adjourned

5/7/2026

House

Read second time (
House Journal-page 70
)

5/7/2026

House

Roll call Yeas-102 Nays-0 (
House Journal-page 70
)

5/7/2026

House

Unanimous consent for third reading on next
legislative day (
House Journal-page 71
)

5/8/2026

House

Read third time and enrolled (
House Journal-page 3
)

5/14/2026

Ratified R 145

5/18/2026

Signed By Governor

5/27/2026

Effective date 05/18/26

5/27/2026

Act No. 168

View the latest
legislative information
at the website

VERSIONS OF THIS BILL

04/29/2025
02/12/2026
04/30/2026

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.

(A168, R145, S619)

AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 38-27-610, RELATING TO PRIORITY OF DISTRIBUTION FOR CLAIMS, SO AS TO ADD FUNDING AGREEMENTS.

Be it enacted by the General Assembly of the State of South Carolina:

Priority of distribution

SECTION 1. Section 38-27-610(2) of the S.C. Code is amended to read:

(2) Class 2. Claims under policies, including claims of federal, state, and local governments, for losses incurred, loss claims, including third party claims, and claims of a guaranty association or foreign guaranty association. Claims under life insurance, annuity policies, and funding agreements whether for death proceeds, annuity proceeds, or investment values, must be treated as loss claims. That portion of a loss, indemnification for which is provided by other benefits or advantages recovered by the claimant, must not be included in this class, other than benefits or advantages recovered or recoverable in discharge of familial obligations of support or by way of succession at death, or as proceeds of life insurance or as gratuities. No payment by an employer to his employee may be treated as a gratuity.

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Ratified the 14th day of May, 2026.

Approved the 18th day of May, 2026.

__________

This web page was last updated on
June 2, 2026 at 11:17 AM