A charitable, religious, benevolent, or educational corporation, not operating for profit and in active operation for at least five years, may receive transfers of property conditioned upon its agreement to pay an annuity or lump-sum benefit to the transferor or his nominee without being subject to the insurance laws of this State. No corporation operating for profit, including nursing homes or any other type of business, is permitted to issue charitable or gift annuities without the director's or his designee's approval.
HISTORY: Former 1976 Code Section 38-5-20 [1962 Code Section 37-109; 1964 (53) 2051; 1968 (55) 2497; 1979 Act No. 40, Section 1; 1979 Act No. 120, Section 1] recodified as Sections 38-1-20, 38-5-30, and 38-75-510 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-1-40 [1962 Code Section 37-4; 1967 (55) 399; 1981 Act No. 182] recodified as Section 38-5-20 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 533.
Structure South Carolina Code of Laws
Chapter 5 - Authority And Requirements To Transact Business
Section 38-5-10. Insurers must be licensed and supervised; exceptions.
Section 38-5-30. Kinds of insurance for which an insurer may be licensed.
Section 38-5-40. Kinds of insurance for which life insurer may be licensed.
Section 38-5-50. Certain insurers may not be licensed to write life insurance.
Section 38-5-60. Qualifications to become an approved reinsurer.
Section 38-5-70. Appointment of director as attorney for service of process.
Section 38-5-110. Approval of charters or amendments of charter.
Section 38-5-130. Monetary penalty in lieu of license revocation or suspension.
Section 38-5-140. Opportunity for hearing.
Section 38-5-150. Funds may not be paid during suspension without approval.
Section 38-5-160. Injunction, receivership.
Section 38-5-180. Authority required for insurer to operate in State.