2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 55 - CONDUCT OF INSURANCE BUSINESS
Section 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.

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.