reglab/housing_qa huggingface dataset:
SC Code § 38-65-310 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-310. Life, term, and endowment insurance on franchise or wholesale plan.

 Nothing contained in this chapter is considered to prohibit a life insurer from issuing life, term, and endowment insurance on the franchise plan, with or without annuities. The insurance under a franchise agreement or upon a wholesale basis may be written under rates less than the usual rates for the insurance. This insurance is subject to the following provisions:  (1) The term "franchise" or "wholesale" insurance means a life insurance plan under which a number of individual life insurance policies are issued at special rates to a selected group. A special rate is any rate lower than the rate shown in the issuing insurer's manual for individually issued policies of the same type and to insureds of the same class.  (2) No franchise or wholesale life insurance plan may be entered into in this State unless the individuals to whom the insurance is made available are members of a professional association, employees of a common employer or affiliated employers, or unless the insurance is made available in connection with an indebtedness or a contract of sale. The word "employees", as used herein, is considered to include the individual proprietors or partners who constitute the employer or affiliated employers and may include retired employees of any employer or affiliated employer.  (3) The association may not be formed, exist, or be continued for the sole or primary purpose of obtaining such insurance.  (4) For purposes of this section, a professional association means an association whose membership is restricted to one or more of the licensed professions such as medicine, dentistry, pharmacy, law, and accountancy.  (5) Each plan must have an eligibility period for the initial enrollment and for any new employees or members entering, and during this time insurance must be obtained without the requirement of statement of health.  HISTORY: Former 1976 Code Section 38-31-110 [1962 Code Section 37-312; 1969 (56) 699] recodified as Section 38-65-310 by 1987 Act No. 155, Section 1. 1988 Act No. 333, Section 5.
SC Code § 38-65-320 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-320. Termination of or refusal to renew policy issued on franchise or wholesale plan.

 The right of the insurer to terminate or refuse to renew a life, term, or endowment insurance policy issued on the franchise or wholesale plan is limited to:  (1) nonpayment of premium;  (2) the insured has attained the age limit prescribed in the policy;  (3) the employee's employment in the eligible classes or the member's membership in the eligible association terminates;  (4) the insurer terminates or refuses to renew the insurance on all employees of a common employer or affiliated employers after sixty days' written notice;  (5) participation in the plan falls below any percentage or minimum number specified by the policy.  HISTORY: Former 1976 Code Section 38-31-120 [1962 Code Section 37-312.1; 1969 (56) 699] recodified as Section 38-65-320 by 1987 Act No. 155, Section 1.
SC Code § 38-65-330 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-330. Conversion privilege of policy issued on franchise or wholesale plan.

 A life, term, or endowment insurance policy on the franchise or wholesale plan which is subject to termination under the provisions of Section 38-65-320 shall contain a conversion privilege not less favorable to the insured than that provided under item (8) of Section 38-65-210.  HISTORY: Former 1976 Code Section 38-31-130 [1962 Code Section 37-312.2; 1969 (56) 699] recodified as Section 38-65-330 by 1987 Act No. 155, Section 1.
SC Code § 38-65-340 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-340. Disclosure of conditional nature of coverage under policy issued under franchise or wholesale plan subject to termination.

 No insurer nor its agent or representative may misrepresent or fail to disclose the conditional nature of the coverage with respect to any policy subject to termination under the provisions of Section 38-65-320. Every advertisement, announcement, or sales presentation with respect to any franchise or wholesale life insurance plan, some or all of the policies issued under which are subject to termination in accordance with Section 38-65-320 shall clearly and affirmatively disclose the conditional nature of the coverage.  Every policy which is subject to termination under the provisions of Section 38-65-320 shall contain a clear and conspicuous statement to that effect in bold face type upon the face and the filing back, if any, of the policy.  HISTORY: Former 1976 Code Section 38-31-130 [1962 Code Section 37-312.2; 1969 (56) 699] recodified as Section 38-65-340 by 1987 Act No. 155, Section 1.
SC Code § 38-65-350 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-350. Franchise or wholesale plan policies may not be used to supplement group life insurance.

 Franchise or wholesale life insurance policies may not be used to supplement group life insurance on the same lives.  HISTORY: Former 1976 Code Section 38-31-150 [1962 Code Section 37-312.4; 1969 (56) 699] recodified as Section 38-65-350 by 1987 Act No. 155, Section 1.
SC Code § 38-65-360 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-360. Promulgation of regulations.

 The Director of the Department of Insurance or his designee shall promulgate regulations to implement the provisions of this chapter.  HISTORY: 2000 Act No. 312, Section 14.
SC Code § 38-67-20 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 67 - Variable Contracts|Section 38-67-20. Statement of essential features of procedures used in determining dollar amount of variable benefits.

 Any contract providing benefits payable in variable amounts delivered or issued for delivery in this State shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of the variable benefits. Any contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that the dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.  HISTORY: Former 1976 Code Section 38-67-20 [1985 Act No. 133, Section 2] recodified as Section 38-51-40 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-33-20 [1962 Code Section 37-332; 1968 (55) 2407; 1978 Act No. 441 Section 2] recodified as Section 38-67-20 by 1987 Act No. 155, Section 1.
SC Code § 38-67-30 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 67 - Variable Contracts|Section 38-67-30. Qualifications of companies delivering or issuing variable contracts.

 No company may deliver or issue for delivery within this State variable contracts unless it is licensed and organized to do a life insurance or annuity business in this State, and the director or his designee is satisfied that its condition or method of operation in connection with the issuance of variable contracts will not render its operation hazardous to the public or its policyholders in this State. In this connection, the director or his designee shall consider among other things:  (a) the history and financial condition of the insurer;  (b) the character, responsibility, and fitness of the officers and directors of the insurer; and  (c) the law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts. The state of entry of an alien insurer is considered its place of domicile for this purpose.  If the insurer is a subsidiary of an admitted life insurer, or affiliated with an admitted life insurer through common management or ownership, it may be considered by the director or his designee to have met the provisions of this section if either it or the parent or the affiliated insurer meets the requirements hereof.  HISTORY: Former 1976 Code Section 38-67-30 [1985 Act No. 133, Section 3] recodified as Section 38-51-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-33-30 [1962 Code Section 37-333; 1968 (55) 2407; 1978 Act No. 441 Section 3] recodified as Section 38-67-50 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 739.
SC Code § 38-67-40 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 67 - Variable Contracts|Section 38-67-40. Regulations.

 Notwithstanding any other provision of law, the director or his designee has sole authority to regulate the issuance and sale of variable contracts, and the department has the sole authority to issue any regulations as may be appropriate to carry out the purposes and provisions of this chapter.  HISTORY: Former 1976 Code Section 38-67-40 [1985 Act No. 133, Section 4] recodified as Section 38-51-60 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-33-40 [1962 Code Section 37-334; 1968 (55) 2407; 1978 Act No. 441 Section 4] recodified as Section 38-67-40 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 740.
SC Code § 38-67-50 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 67 - Variable Contracts|Section 38-67-50. Insurance laws applicable; grace, reinstatement, and nonforfeiture provisions; reserve liability for variable contracts.

 Except as otherwise provided in this chapter, all pertinent provisions of the insurance laws of this State apply to separate accounts and contracts relating thereto. However, Article 5, Chapter 63 of this title does not apply to variable life insurance policies. Any individual variable life insurance contract, delivered or issued for delivery in this State, shall contain grace, reinstatement, and nonforfeiture provisions appropriate to such a contract. The reserve liability for variable contracts must be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.  HISTORY: Former 1976 Code Section 38-67-50 [1985 Act No. 133, Section 5] recodified as Section 38-51-70 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-33-50 [1962 Code Section 37-335; 1968 (55) 2407; 1978 Act No. 441 Section 5] recodified as Section 38-67-50 by 1987 Act No. 155, Section 1.
SC Code § 38-69-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-10. Circulation of false or misleading information by insurers.

 No insurer doing business in this State and no officer, director, or agent of it may issue or circulate or cause or permit to be issued or circulated any estimate, illustration, circular, or statement of any sort misrepresenting the terms of any annuity issued by it, the benefits or advantages promised thereby, or the dividends or shares of surplus to be received thereon or may use any name or title of any annuity or class of annuities misrepresenting the true nature thereof. Violation of this section by an agent or officer of an insurer is a misdemeanor. If an insurer violates or participates in the violation of this section, the insurer is subject to the penalty provisions of Section 38-2-10.  HISTORY: Former 1976 Code Section 38-9-40 [1947 (45) 322; 1952 Code Section 37-144; 1962 Code Section 37-144] recodified as Section 38-69-10 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 36.
SC Code § 38-69-20 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-20. Misrepresentations to induce termination or conversion of annuities.

 No insurer, or its employee or agent, may make any misleading representations or incomplete or fraudulent comparisons of any annuity contracts or insurers for the purpose of inducing, or which may tend to induce, any person to lapse, forfeit, surrender, terminate, return, or convert any annuity.  HISTORY: Former 1976 Code Section 38-9-50 [1956 (49) 1814; 1962 Code Section 37-144.1] recodified as Section 38-69-20 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 37.
SC Code § 38-69-30 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-30. Nontransferability of annuity death benefits left with insurance company under a trust or other agreement.

 When the proceeds of an annuity becoming a claim by the death of the insured are left with an insurance company under a trust or other agreement, the benefits accruing under the agreement after the death of the insured are not transferable nor subject to computation or incumbrance nor to legal process, except in an action to recover for necessaries if the parties to the trust or other agreement so agree.  HISTORY: 1988 Act No. 342, Section 2.
SC Code § 38-69-110 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-110. No defenses allowed if application not attached to annuity contract; oral applications.

 If the insurer does not deliver with an annuity contract issued by it a copy of the application made by the insured, no defense is allowed to that annuity on account of anything contained in or omitted from the application. If the annuity is issued upon an oral application, no defense is allowed to the contract on account of anything contained in, or omitted from, the oral application.  HISTORY: Former 1976 Code Section 38-9-70 [1947 (45) 322; 1949 (46) 600; 1952 Code Section 37-146; 1962 Code Section 37-146; 1980 Act No. 305, Section 1] recodified as Section 38-69-110 by 1987 Act No. 155, Section 1.
SC Code § 38-69-210 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-210. Title.

 This article is known and may be cited as the "Standard Nonforfeiture Law for Individual Deferred Annuities".  HISTORY: Former 1976 Code Section 38-8-10 [1978 Act No. 517 Section 1] recodified as Section 38-69-210 by 1987 Act No. 155, Section 1.
SC Code § 38-69-220 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-220. Exceptions from operation of article.

 This article does not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, or to any contract which is delivered outside this State through an agent or other representative of the company issuing the contract.  HISTORY: Former 1976 Code Section 38-8-20 [1978 Act No. 517 Section 2] recodified as Section 38-69-220 by 1987 Act No. 155, Section 1.
SC Code § 38-69-230 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-230. Provisions required in contracts; provision for termination for nonpayment of consideration.

 In the case of contracts issued on or after the operative date of this article as defined in Section 38-69-320, no contract of annuity, except as stated in Section 38-69-220, may be delivered or issued for delivery in this State unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the director or his designee are at least as favorable to the contractholder, upon cessation of payment of considerations under the contract:  (a) That upon cessation of payment of considerations under a contract, the insurer shall grant a paid-up annuity benefit on a plan stipulated in the contract of such value as is specified in Sections 38-69-250, 38-69-260, 38-69-270, 38-69-280, and 38-69-300.  (b) If a contract provides for a lump sum settlement at maturity, or at any other time, that, upon surrender of the contract at or prior to the commencement of any annuity payments, the insurer will pay in lieu of any paid-up annuity benefit a cash surrender benefit of the amount as is specified in Sections 38-69-250, 38-69-260, 38-69-270, 38-69-280, and 38-69-300. The insurer shall reserve the right to defer the payment of the cash surrender benefit for a period of six months after demand therefor with surrender of the contract.  (c) A statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender, or death benefits that are guaranteed under the contract, together with sufficient information to determine the amounts of these benefits.  (d) A statement that any paid-up annuity, cash surrender, or death benefits that may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which the benefits are altered by the existence of any additional amounts credited by the insurer to the contract, any indebtedness to the insurer on the contract, or any prior withdrawals from or partial surrenders of the contract.  Notwithstanding the requirements of this section, any deferred annuity contract may provide that, if no considerations have been received under a contract for a period of two full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from considerations paid prior to that period would be less than twenty dollars monthly, the insurer may at its option terminate the contract by payment in cash of the then present value of that portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit. This payment relieves the insurer of any further obligation under the contract.  HISTORY: Former 1976 Code Section 38-8-30 [1978 Act No. 517 Section 3] recodified as Section 38-69-230 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 742.
SC Code § 38-69-250 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-250. Paid-up annuity benefits; present value.

 Any paid-up annuity benefit available under a contract must be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value must be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.  HISTORY: Former 1976 Code Section 38-8-50 [1978 Act No. 517 Section 5] recodified as Section 38-69-250 by 1987 Act No. 155, Section 1.
SC Code § 38-69-260 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-260. Cash surrender benefits.

 For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity may not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the insurer on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the insurer to the contract. In no event may any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts must be at least equal to the cash surrender benefit.  HISTORY: Former 1976 Code Section 38-8-60 [1978 Act No. 517 Section 6] recodified as Section 38-69-260 by 1987 Act No. 155, Section 1.
SC Code § 38-69-270 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-270. Contracts not providing cash surrender benefits.

 For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity may not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity. The present value is calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value and increased by any existing additional amounts credited by the insurer to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, the present values are calculated on the basis of the interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event may the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.  HISTORY: Former 1976 Code Section 38-8-70 [1978 Act No. 517 Section 7] recodified as Section 38-69-270 by 1987 Act No. 155, Section 1.
SC Code § 38-69-280 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-280. Maturity date under certain contracts.

 For the purpose of determining the benefits calculated under Sections 38-69-260 and 38-69-270, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date is considered to be the latest date for which election is permitted by the contract but may not be considered to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.  HISTORY: Former 1976 Code Section 38-8-80 [1978 Act No. 517 Section 8] recodified as Section 38-69-280 by 1987 Act No. 155, Section 1.
SC Code § 38-69-290 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-290. Statements required in certain contracts.

 Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that those benefits are not provided.  HISTORY: Former 1976 Code Section 38-8-90 [1978 Act No. 517 Section 9] recodified as Section 38-69-290 by 1987 Act No. 155, Section 1.
SC Code § 38-69-300 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 69 - Individual Annuities|Section 38-69-300. Calculating benefits available other than on anniversary date.

 Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, must be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.  HISTORY: Former 1976 Code Section 38-8-100 [1978 Act No. 517 Section 10] recodified as Section 38-69-300 by 1987 Act No. 155, Section 1.