(1) Notwithstanding any other provision of law, any person insured under a group insurance policy, pursuant to an arrangement among the insured, the group policyholder, and the insurer, may assign his rights and benefits under the policy, including, but not limited to, the right to have issued to him an individual policy as set forth in items (8), (9), and (10) of Section 38-65-210 and the right to name a beneficiary. The assignment entitles the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the policy in accordance with the terms of the assignment.
(2) Subsection (1) of this section acknowledges, declares, and codifies the existing right of assignment of interest under group life insurance policies by persons insured under those policies.
HISTORY: Former 1976 Code Section 38-65-30 [1985 Act No. 137, Section 3] recodified as Sections 38-41-30, 38-41-40, and 38-41-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-31-20 [1962 Code Section 37-307.1; 1970 (56) 2505] recodified as Section 38-65-30 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 65 - Group Life Insurance
Section 38-65-10. Circulation of false or misleading information by life insurers.
Section 38-65-20. Misrepresentations to induce termination of life insurance policies.
Section 38-65-30. Assignment of rights and benefits under policies.
Section 38-65-40. Requirements of policies.
Section 38-65-50. Restrictions on mass-marketed life insurance.
Section 38-65-70. Coverage of families of employees and members.
Section 38-65-100. Spendthrift provisions in settlement agreements are valid.
Section 38-65-110. Extension of right to apply for individual policy.
Section 38-65-120. Interest on payment; when required.
Section 38-65-210. Provisions required in all policies.
Section 38-65-310. Life, term, and endowment insurance on franchise or wholesale plan.
Section 38-65-320. Termination of or refusal to renew policy issued on franchise or wholesale plan.
Section 38-65-330. Conversion privilege of policy issued on franchise or wholesale plan.