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Section 38-63-510. Short title; operative date of valuation manual defined.

SC Code § 38-63-510 (2019) (N/A)
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(1) This article is known and may be cited as the "Standard Nonforfeiture Law for Life Insurance".

(2) The term "operative date of the valuation manual" means January first of the first calendar year that the valuation manual, as defined in Section 38-9-180, is effective.

HISTORY: Former 1976 Code Section 38-7-10 [1960 (51) 1554; 1962 Code Section 37-171; 1982 Act No. 403, Section 1] recodified as Section 38-63-510 by 1987 Act No. 155, Section 1; 2016 Act No. 148 (S.850), Section 2, eff April 21, 2016.

Effect of Amendment

2016 Act No. 148, Section 2, inserted paragraph identifier (1) and added (2).

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Section 38-63-280. Written disclosures.
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Section 38-63-520. Paid-up nonforfeiture benefit and cash surrender value provisions are required in life insurance policies.