South Carolina Statutes
§ 38-55-110 — Reserve requirements for tontine policies.
In order to pay endowments as they severally mature, as well as to pay all other benefits incorporated in the policies, certificates, or contracts of insurance, a life insurer, fraternal benefit society, or mutual aid association operating in this State upon a plan described in SECTION 38-55-90 shall establish and maintain on each policy a reserve upon a basis not lower than the American Experience Table of Mortality, full preliminary term, Illinois Standard, and interest assumption of three and one-half percent, covering each contingency provided for in the policy.
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Legislative History
HISTORY: Former 1976 Code SECTION 38-55-110 [1962 Code SECTION 37-1211; 1964 (53) 2293; 1969 (56) 214, 760] recodified as SECTION 38-57-110 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-170 [1947 (45) 322; 1952 Code SECTION 37-152; 1962 Code SECTION 37-152] recodified as SECTION 38-55-110 by 1987 Act No. 155, SECTION 1.
Nearby Sections
15
§ 38-55-100
Tontine plans prior to May 12, 1947.§ 38-55-110
Reserve requirements for tontine policies.§ 38-55-170
Presenting false claims for payment.