Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1908-02-07
THE SAVE INSURANCE BILL.

recently introduced by Representative
Saye to check the sale Of life insur-
ance through false representations:
Section /. No life insurance company
doing business in this state, and no Of
ficer director or agent thereof, shall Is
sue or circulate, or cause or permit to
be issued or circulated, any estimate, IL
lustration, circular or statement Of any
sort misrepresenting the terms Of any
policy issued by 1t or the benefits or
advantages promised thereby, or the
dividends or shares Of surplus TO be
received thereon, or shall use any name
or title Of any policy or class OF poll
cies misrepresenting the true nature
thereof Violation Of this section by
an agent or officer Of an insurance
company, shall be a misdemeanor, and
punishable by a fine Of five hundred
dollars or Imprisonment in the county
jail for sixty (60) days. or by both such
fine and imprisonment; and II COM
pany violates or participates in the
violation Of this section, such company
shall have its certificate Of authority to
do business in this state suspended for
a period Of not exceeding six months
for each offense.
Sec. 2. No life insurance company
doing business in this state shall make
or permit any distinction In favor Of
individuals between insurants (the in
sured) Of the same class and equal ex-
pectation of life in the amount Of the
payment of premiums or rates charged
for policies of life or endowment inSur-
ance, or in the dividends or other ben
efts payable thereon, or in any other
of the terms and conditions Of the con-
tracts it makes. Nor shall any such
company, or agent thereof, make any
contract Of insurance or agreement as
to such contract other than as plainly
expressed in the policy issued thereon;
nor shall any such company or any Of
ficer, agent, solicitor or representative
thereof pay, allow or give or offer to
pay, allow or give, directly or Indirect
ly as inducement to insurance, any re-
bate Of premium payable on the policy
or any special favor or advantage IN
the dividends or other benefits to ac-
crue thereon, or any paid employment
or contract for services Of any kind or
any valuable consideration or induce
ment whatever not specified in the pol
icy contract Of insurance; nor give, sell
or purchase, as inducement to insur-
ance or in connection Herewith, any
stocks, bonds or other securities Of any
insurance company or other corpora
ton, association or partnership, or any
dividends or profits to secure thereon,
or anything Of value whatever, not spe-
Gifted in the policy. Every officer or
agent of an insurance company doing
business In this state, who shall vio-
late any Of the provisions Of this Sec
ton, shall be deemed guilty of misde-
meanor, and, upon conviction thereof,
shall be fined in a sum not less than
one hundred dollars ($100), nor exceed
ing five hundred dollars ($500) or i'm
nrisonment in the county Jail Of not less
than thirty (30) days, nor more than
ninety (90) days, or both, in the dis
cretion Of the court, and shall pay the
costs of the prosecution. 1t shall be
the duty of the comptroller general,
upon being satisfied that any such in
surance company, or any agent thereof,
has violated any of the provisions OF
this section to revoke the certificate
of authority of the company or agent
so offending.
Sec g. From and after the date this
act takes effect no life insurance COM
nany shall issue in this state, nor per-
NIT it's agents, officers or employees to
issue in this state, agency company
stock or other stock or securities, or
any special or advisory board or other
contract Of any kind. promising returns
and profits as an inducement to fnsur-
ance and on and after March 15, 1908,
no LIE insurance company shall be au-
thorized to do business In this state,
which issues or permits its agents, Of
fcers or employees to issue In the state
Of South Carolina or any other state
or territory, agency company stock, or
other stock or securities. or any special
or advisory beard or other contract or
any kind promising returns and prohts
as an inducement to insurance, and no
corporation or stock company. acting
as agent of a life insurance company
nor any of its agents, officers or en-
nloyees, shall be permitted to agree,
sell. or offer to sell or give. or offer to
rive directly or indirectly, In any
manner whatsoever, any share OF
stock, securities, bonds or agreement
If any form or nature, promising re-
turns and profits as an inducement to
insurance, or an inducement to insur-
ance. or in connection Herewith: Pro-
vided, That nothing herein contained
shall impair or affect In any manner
any such contracts issued or made as
an inducement to insurance prior to the
enactment hereof, or prevent the pay
ment of the dividends or returns there
IN stipulated to re paid. 1t shall be the
duty of the comotroller general, upon
being satisfied that any such insurance
cumpany. or any agent thereof has vio-
'ated any Of the provisions OF this Sec
ticn. to revoke the certificate OF au-
thoritv Of the company or agent so OF
Tending.
Sec. 4. This act shall become effect
i've Immediately upon its approval.
Sec. 5. All acts or parts Of acts In
consistent with this act are hereby re-
noo1a6