South Carolina § 38-29-30 Declaration of purpose.

South Carolina Statutes

§ 38-29-30 — Declaration of purpose.

South Carolina § 38-29-30

Title 38INSURANCE

Ch. 29SOUTH CAROLINA LIFE AND ACCIDENT AND HEALTH INSURANCE GUARANTY ASSOCIATION

This text of South Carolina § 38-29-30 (Declaration of purpose.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-29-30 (2026).

Text

(1)The purpose of this chapter is to protect, subject to certain limitations, the persons specified in Section 38-29-40(1) against failure in the performance of contractual obligations of certain life, health, and annuity policies, plans, or contracts due to the impairment or insolvency of the member insurer issuing these policies, plans, or contracts.

(2)To provide this protection, an association of member insurers is created to pay benefits and continue coverage in the manner provided for in this chapter and the member insurers are subject to an assessment to provide funds to carry out this purpose.

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(1) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in Section 38-29-40(1) against failure in the performance of contractual obligations of certain life, health, and annuity policies, plans, or contracts due to the impairment or insolvency of the member insurer issuing these policies, plans, or contracts. (2) To provide this protection, an association of member insurers is created to pay benefits and continue coverage in the manner provided for in this chapter and the member insurers are subject to an assessment to provide funds to carry out this purpose.

Legislative History

HISTORY: Former 1976 Code SECTION 38-29-30 [1962 Code SECTION 37-1402; 1971 (57) 351; 1986 Act No. 426, SECTION 2] recodified as SECTION 38-21-30 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-17-30 [1962 Code SECTION 37-562; 1972 (57) 2776] recodified as SECTION 38-29-30 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 631; 2020 Act No. 121 (S.580), SECTION 1.A, eff March 24, 2020. Editor's Note 2020 Act No. 121, SECTION 1.B, provides as follows: "[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020." Effect of Amendment 2020 Act No. 121, SECTION 1.A, rewrote the section.