S.C. Code § 38-69-240
2002 Act No. 313, Section 2, as amended by 2003 Act No. 73, Section 19 and 2005 Act No. 43, Section 3, provides as follows:
"Notwithstanding the interest rate provisions of Section 38-69-240(A) of the 1976 Code, for prospective sales of contracts entered into pursuant to Section 38-69-240 from this act's effective date through June 30, 2007, the following may be applied, at the insurer's option, to a contract issued after the effective date of this act and before July 1, 2007, on a contract-form-by-contract-form basis:
"(1) The minimum values as specified in Sections 38-69-250, 38-69-260, 38-69-270, 38-69-280, and 38-69-300 of the 1976 Code of any paid-up annuity, cash surrender, or death benefits available under an annuity contract providing for flexible considerations, the minimum nonforfeiture amount at any time at or before the commencement of any annuity payments is equal to an accumulation up to that time at a rate of interest one and one-half percent a year of percentages of the net considerations paid before that time, decreased by the sum of:
"(a) any previous withdrawals from or partial surrenders of the contract accumulated at a rate of interest of one and one-half percent a year; and
"(b) the amount of any indebtedness to the insurer on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the insurer to the contract.
"(2) The net considerations for a given contract year used to define the minimum nonforfeiture amount must be an amount not less than zero and are equal to the corresponding gross considerations credited to the contract during that contract year less an annual contract charge of thirty dollars and less a collection charge of one dollar and twenty-five cents for each consideration credited to the contract during that contract year. The percentages of net considerations are sixty-five percent of the net consideration for the first contract year and eighty-seven and one-half percent of the net considerations for the second and later contract years. Notwithstanding the provisions of the preceding sentence, the percentage is sixty-five percent of the portion of the total net consideration for any renewal contract year which exceeds by not more than two times the sum of those portions of the net considerations in all previous contract years for which the percentage was sixty-five percent."