South Carolina § 38-55-90 Tontine policies prohibited.

South Carolina Statutes

§ 38-55-90 — Tontine policies prohibited.

South Carolina § 38-55-90

Title 38INSURANCE

Ch. 55CONDUCT OF INSURANCE BUSINESS

This text of South Carolina § 38-55-90 (Tontine policies prohibited.) 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. § 38-55-90 (2026).

Text

No life insurer, mutual aid association, or fraternal benefit association operating in this State is permitted to issue policies, certificates, or contracts to policyholders or members providing for the establishment of its policyholders or members into divisions and classes for the purpose of providing for the payment of benefits from special funds created for that purpose to the oldest member of the division and class or to the members of the division and class whose policy has been in force the longest period of time upon the death of a member in the division and class.

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No life insurer, mutual aid association, or fraternal benefit association operating in this State is permitted to issue policies, certificates, or contracts to policyholders or members providing for the establishment of its policyholders or members into divisions and classes for the purpose of providing for the payment of benefits from special funds created for that purpose to the oldest member of the division and class or to the members of the division and class whose policy has been in force the longest period of time upon the death of a member in the division and class.

Legislative History

HISTORY: Former 1976 Code SECTION 38-55-90 [1947 (45) 322; 1952 Code SECTION 37-1202; 1962 Code SECTION 37-1209; 1964 (53) 2293] recodified as SECTION 38-57-90 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-150 [1947 (45) 322; 1952 Code SECTION 37-150; 1962 Code SECTION 37-150] recodified as SECTION 38-55-90 by 1987 Act No. 155, SECTION 1.