South Carolina Code 38-65-320. Termination of or refusal to renew policy issued on franchise or wholesale plan
Current as of: 2023 | Check for updates
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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;
Terms Used In South Carolina Code 38-65-320
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
- Terminate: means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance. See South Carolina Code 38-1-20
(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.