(A) Standards of valuation for certificates issued before the effective date of this chapter are those provided by the laws applicable immediately before the effective date of this chapter.
(B) The minimum standards of valuation for certificates issued on or after the effective date of this chapter are based upon the tables, valuation methods and standards, including interest assumptions, specified in the laws of this State applicable to life and health insurers issuing policies containing like benefits.
(C) The director or his designee may, in his discretion, accept other standards for valuation if he finds that the reserves produced will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section. The director or his designee may, in his discretion, vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by a society authorized to do business in this State.
(D) A society, with the consent of the director of insurance, or similar official, of the state of domicile of the society and under conditions, if any, which the director may impose, may establish and maintain reserves on its certificates in excess of the required reserves, but the contractual rights of a benefit member shall not be affected.
HISTORY: 2000 Act No. 259, Section 1.
Structure South Carolina Code of Laws
Chapter 38 - Fraternal Benefit Societies
Section 38-38-10. Fraternal benefit society defined.
Section 38-38-20. Lodge system operating requirements; lodges for children.
Section 38-38-30. Representative form of government requirements.
Section 38-38-40. Definitions.
Section 38-38-50. Operation for benefit of members; power to adopt bylaws and rules.
Section 38-38-110. Membership provisions in bylaws or rules.
Section 38-38-140. Waiver of bylaw provisions.
Section 38-38-210. Requirements for formation of domestic society.
Section 38-38-220. Amendment of bylaws; notice to director.
Section 38-38-230. Not-for-profit institutions for benefit of members.
Section 38-38-240. Reinsurance.
Section 38-38-250. Consolidation or merger of domestic societies.
Section 38-38-260. Reorganization into mutual life insurer.
Section 38-38-310. Contractual benefits allowed; persons covered.
Section 38-38-320. Designation and change of beneficiary; payment of death benefits.
Section 38-38-330. Attachment, garnishment or seizure of benefits.
Section 38-38-350. Application of laws of State.
Section 38-38-410. Authorized investments.
Section 38-38-420. Assets to be held for use and benefit of society; special funds and accounts.
Section 38-38-430. Governance by chapter.
Section 38-38-440. Designation as charitable and benevolent institution.
Section 38-38-510. Standards of valuation for certificates; maintenance of excess reserves.
Section 38-38-520. Required statements and reports; penalties.
Section 38-38-530. Renewal of licenses; fees; license as prima facie evidence.
Section 38-38-540. Examination; notice of examination.
Section 38-38-550. Authorization to transact business in State; what to file with director.
Section 38-38-580. Injunctions.
Section 38-38-590. Licensing of agents.
Section 38-38-600. Applicability of general insurance provisions; membership requirements exception.
Section 38-38-710. Appointment of director as legal attorney for service of process.
Section 38-38-720. False statement or misrepresentation with intent to defraud; penalties.
Section 38-38-730. Societies and associations exempted from provisions of chapter.