South Carolina Statutes
§ 38-38-350 — Application of laws of State.
(A)For certificates issued before the effective date of this chapter, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted must comply with the provisions of law applicable immediately before the effective date of this chapter.
(B)For certificates issued on or after the effective date of this chapter, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted must comply with the provisions of law applicable to life insurers issuing policies containing like benefits in this State.
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South Carolina § 38-38-350 (Application of laws of State.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2000 Act No. 259, SECTION 1. ARTICLE 9 Finances
Nearby Sections
15
§ 38-38-10
Fraternal benefit society defined.§ 38-38-110
Membership provisions in bylaws or rules.§ 38-38-140
Waiver of bylaw provisions.§ 38-38-220
Amendment of bylaws; notice to director.§ 38-38-240
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Reorganization into mutual life insurer.