Current StatusView additional legislative information at the LPITS web site.Bill Number: 2501 Ratification Number: 82 Act Number 45 Introducing Body: House Subject: Insurance Commissioner authorized to issue policy
(A45, R82, H2501)
AN ACT TO AMEND SECTION 38-31-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GROUP LIFE INSURANCE POLICIES, SO AS TO ALLOW THE INSURANCE COMMISSIONER TO PERMIT A POLICY TO BE ISSUED TO AN ALUMNI ASSOCIATION OF A PUBLIC OR PRIVATE COLLEGE OR UNIVERSITY WHEN ALL OF THE PREMIUMS FOR SUCH POLICY ARE DERIVED FROM CONTRIBUTIONS BY THE INSURED MEMBERS.
Be it enacted by the General Assembly of the State of South Carolina:
Commissioner authorized to issue policy
SECTION 1. The last paragraph of Section 38-31 40, as last amended by Act 732 of 1976, is further amended to read:
"A policy on which part or all of the premium is to be derived from contributions by the insured employees or members may be placed in force only if at least seventy-five percent of the then eligible employees or members, excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required contributions; provided, however, the Commissioner may, in his discretion, permit a policy to be issued to an alumni association or a public or private college or university to cover its members on which part or all of the premium is to be derived from contributions by the insured members with no participation requirements."
Time effective
Section 2. This act shall take effect upon approval by the Governor.