A life insurer may lend to a policyholder on the security of the cash surrender value of the policyholder's policy a sum not exceeding the legal reserve the insurer is required to maintain on the policy.
S.C. Code Ann. § 38-12-310
Life insurer loan to policyholder
Known as the Investments of Insurers Act
The act spans §§ 38–38 (33 sections).
2002 Act No. 319, SECTION 2, eff June 3, 2002.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.