South Carolina § 38-55-100 Tontine plans prior to May 12, 1947.

South Carolina Statutes

§ 38-55-100 — Tontine plans prior to May 12, 1947.

South Carolina § 38-55-100

Title 38INSURANCE

Ch. 55CONDUCT OF INSURANCE BUSINESS

This text of South Carolina § 38-55-100 (Tontine plans prior to May 12, 1947.) 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. § 38-55-100 (2026).

Text

A life insurer, mutual aid association, or fraternal benefit association operating prior to May 12, 1947, on a plan prohibited by SECTION 38-55-90 in this State may continue so to do upon condition that the life insurer, fraternal benefit association, or mutual aid association does not establish its policyholders or members into divisions or classes other than the divisions or classes in this State actually existing on May 12, 1947. However, a life insurer, fraternal benefit association, or mutual aid association is not permitted to operate on an endowment plan unless it has a paid-in capital stock, if a stock company, or a surplus, if a mutual company or fraternal benefit association, of at least fifty thousand dollars.

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A life insurer, mutual aid association, or fraternal benefit association operating prior to May 12, 1947, on a plan prohibited by SECTION 38-55-90 in this State may continue so to do upon condition that the life insurer, fraternal benefit association, or mutual aid association does not establish its policyholders or members into divisions or classes other than the divisions or classes in this State actually existing on May 12, 1947. However, a life insurer, fraternal benefit association, or mutual aid association is not permitted to operate on an endowment plan unless it has a paid-in capital stock, if a stock company, or a surplus, if a mutual company or fraternal benefit association, of at least fifty thousand dollars.

Legislative History

HISTORY: Former 1976 Code SECTION 38-55-100 [1947 (45) 322; 1952 Code SECTION 37-1202; 1962 Code SECTION 37-1210; 1964 (53) 2293] recodified as SECTION 38-57-100 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-160 [1947 (45) 322; 1952 Code SECTION 37-151; 1962 Code SECTION 37-151] recodified as SECTION 38-55-100 by 1987 Act No. 155, SECTION 1.