South Carolina § 38-55-110 Reserve requirements for tontine policies.

South Carolina Statutes

§ 38-55-110 — Reserve requirements for tontine policies.

South Carolina § 38-55-110

Title 38INSURANCE

Ch. 55CONDUCT OF INSURANCE BUSINESS

This text of South Carolina § 38-55-110 (Reserve requirements for tontine policies.) 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. § 38-55-110 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.

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.