A life insurer, mutual aid association, or fraternal benefit association operating prior to May 12, 1947, on a plan prohibited by Section 38-55-90 in this State may continue so to do upon condition that the life insurer, fraternal benefit association, or mutual aid association does not establish its policyholders or members into divisions or classes other than the divisions or classes in this State actually existing on May 12, 1947. However, a life insurer, fraternal benefit association, or mutual aid association is not permitted to operate on an endowment plan unless it has a paid-in capital stock, if a stock company, or a surplus, if a mutual company or fraternal benefit association, of at least fifty thousand dollars.
HISTORY: Former 1976 Code Section 38-55-100 [1947 (45) 322; 1952 Code Section 37-1202; 1962 Code Section 37-1210; 1964 (53) 2293] recodified as Section 38-57-100 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-160 [1947 (45) 322; 1952 Code Section 37-151; 1962 Code Section 37-151] recodified as Section 38-55-100 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 55 - Conduct Of Insurance Business
Section 38-55-10. No contracts may be made except under this title.
Section 38-55-20. Insurers shall do business in own name; combination policy.
Section 38-55-30. Limitation of risk; section not applicable to captive insurers.
Section 38-55-40. Certain inducements may not be offered.
Section 38-55-50. Discrimination prohibited.
Section 38-55-60. Punishment and revocation of license for discrimination.
Section 38-55-70. Secured loans lawful.
Section 38-55-75. Confidentiality of information received by Department of Insurance.
Section 38-55-80. Loans to directors or officers.
Section 38-55-90. Tontine policies prohibited.
Section 38-55-100. Tontine plans prior to May 12, 1947.
Section 38-55-110. Reserve requirements for tontine policies.
Section 38-55-120. Procedure when insurer fails to pay final judgment.
Section 38-55-130. Doing business after charter has been canceled or surrendered is unlawful.
Section 38-55-150. Accepting premiums or assessments in insolvent insurer.
Section 38-55-160. Insuring uninsurable persons with intent to defraud.
Section 38-55-170. Presenting false claims for payment.
Section 38-55-173. Unlawful vehicle glass repair business practices; penalties.
Section 38-55-310. Life insurers may not operate undertaking business.
Section 38-55-320. Insurers may not contract with undertakers for funerals.
Section 38-55-330. Funeral director may act as agent for life insurer for preneed funeral contract.
Section 38-55-510. Short title.
Section 38-55-520. Purpose of article.
Section 38-55-530. Definitions.