All Roll Calls
Yes: 146 • No: 0
South CarolinaS 0619126th General Assembly (2025-2026)SenateWALLET
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.
Sponsored By: Michael W. Gambrell (Republican)
Signed by Governor
Summary
Insurer liquidation
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Higher priority for life, annuity, funding claims
Starting May 18, 2026, claims under life insurance, annuities, and funding agreements get Class 2 priority when an insurer is liquidated. These claims are treated as loss claims for the order of payment. Any part of a loss already covered by other recoveries is not counted in Class 2. Exceptions include money for family support, inheritances, life insurance proceeds, and true gifts. Payments from an employer to an employee cannot be treated as gifts.
Sponsors & Cosponsors
Sponsor
Michael W. Gambrell
Republican • Senate
Cosponsors
Ross Turner
Republican • Senate
Roll Call Votes
House vote • 5/7/2026
(Insurer liquidation)Passage of Bill
Yes: 102 • No: 0
Senate vote • 2/18/2026
(Insurer liquidation)2nd Reading
Yes: 44 • No: 0
Actions Timeline
Act No. 168
5/27/2026legislatureEffective date 05/18/26
5/27/2026legislatureSigned By Governor
5/18/2026GovernorRatified R 145
5/14/2026legislatureRead third time and enrolled
5/8/2026HouseUnanimous consent for third reading on next legislative day
5/7/2026HouseRoll call Yeas-102 Nays-0
5/7/2026HouseRead second time
5/7/2026HouseDebate adjourned
5/6/2026HouseDebate adjourned until Wed., 5-6-26
5/5/2026HouseCommittee report: Favorable Labor, Commerce and Industry
4/30/2026HouseReferred to Committee on Labor, Commerce and Industry
2/24/2026HouseIntroduced and read first time
2/24/2026HouseRead third time and sent to House
2/19/2026SenateRoll call Ayes-44 Nays-0
2/18/2026SenateRead second time
2/18/2026SenateCommittee report: Favorable Banking and Insurance
2/12/2026SenateReferred to Committee on Banking and Insurance
4/29/2025SenateIntroduced and read first time
4/29/2025Senate
Bill Text
Introduced
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