No life insurer doing business in this State and no officer, director, or agent of it may issue or circulate or cause or permit to be issued or circulated any estimate, illustration, circular, or statement of any sort misrepresenting the terms of any policy issued by it, the benefits or advantages promised thereby, or the dividends or shares of surplus to be received thereon or may use any name or title of any policy or class of policies misrepresenting the true nature thereof. Violation of this section by an agent or officer of an insurer is a misdemeanor. If an insurer violates or participates in the violation of this section, the insurer is subject to the penalty provisions of Section 38-2-10.
HISTORY: Former 1976 Code Section 38-63-10 [1985 Act No. 189, Section 1] recodified as Section 38-53-10 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-40 [1947 (45) 322; 1952 Code Section 37-144; 1962 Code Section 37-144] recodified as Section 38-63-10 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 32.
Structure South Carolina Code of Laws
Chapter 63 - Individual Life Insurance
Section 38-63-10. Circulation of false or misleading information by life insurers.
Section 38-63-20. Misrepresentations to induce termination or conversion of life insurance policies.
Section 38-63-30. Lower life insurance rates for females lawful.
Section 38-63-50. Spendthrift provisions in settlement agreements are valid.
Section 38-63-60. Industrial life insurance.
Section 38-63-80. Interest on lump sum payment of life insurance proceeds.
Section 38-63-90. Attorneys' fees authorized.
Section 38-63-210. Whole contract, including application, must appear in policy; oral applications.
Section 38-63-220. Required policy provisions.
Section 38-63-225. Suicide and death exclusions.
Section 38-63-230. Methods of rescission by insurer.
Section 38-63-240. Interest rate on insurance policy loans.
Section 38-63-250. Alternative adjustable interest rate.
Section 38-63-260. Policies with face value less than five thousand dollars.
Section 38-63-270. Applicability to policies issued before effective date.
Section 38-63-280. Written disclosures.
Section 38-63-510. Short title; operative date of valuation manual defined.
Section 38-63-530. Minimum cash surrender values.
Section 38-63-540. Minimum paid-up nonforfeiture benefits.
Section 38-63-560. Additional benefits and premiums must be disregarded.
Section 38-63-570. Calculation of adjusted premiums and present values.
Section 38-63-630. Cash surrender value of policies issued on or after January 1, 1986.
Section 38-63-640. Excepted policies.