Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that those benefits are not provided.
HISTORY: Former 1976 Code Section 38-8-90 [1978 Act No. 517 Section 9] recodified as Section 38-69-290 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 69 - Individual Annuities
Section 38-69-10. Circulation of false or misleading information by insurers.
Section 38-69-20. Misrepresentations to induce termination or conversion of annuities.
Section 38-69-120. Requirements for certain annuities and pure endowment contracts.
Section 38-69-220. Exceptions from operation of article.
Section 38-69-240. Minimum forfeiture amounts for contracts issued before July 1, 2005.
Section 38-69-245. Minimum nonforfeiture amounts for contracts issued after June 30, 2007.
Section 38-69-247. Minimum nonforfeiture amounts for contracts issued after June 30, 2022.
Section 38-69-250. Paid-up annuity benefits; present value.
Section 38-69-260. Cash surrender benefits.
Section 38-69-270. Contracts not providing cash surrender benefits.
Section 38-69-280. Maturity date under certain contracts.
Section 38-69-290. Statements required in certain contracts.
Section 38-69-300. Calculating benefits available other than on anniversary date.
Section 38-69-310. Contracts providing annuity and insurance benefits.