How do you exercute the duties of a PIC in a simulator?

You misquoted 61.55 (b)(2) which actually says except as provided in paragraph (e).

(e) A person may receive a second-in-command pilot type rating after satisfactorily completing an approved SIC training program or PC under parts 121, 125, or 135 in that type of aircraft.

So the engine out provedures and maneuvering with an engine out while executing the duties of pilot in command does not apply.