Life insurance policies issued after May 1, 1985, may not provide for policy loan interest rates of more than eight percent per annum, except as provided in Section 38-63-250.
HISTORY: Former 1976 Code Section 38-63-240 [1985 Act No. 189, Section 1] recodified as Section 38-53-230 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-730 [1984 Act No. 432, Section 3] recodified as Section 38-53-230 by 1987 Act No. 155, Section 1.
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.