Each holder of an individual or group annuity contract or an individual or group contract of insurance, other than a contract of reinsurance, is a member of the insurer with the rights and obligations of membership as provided by this chapter. With respect to a group annuity contract or a contract of group insurance, the employer or other person to whom or in whose name the master contract is issued or held is considered the member. Each contract issued, individual or group, shall effectively stipulate this fact.
S.C. Code Ann. § 38-19-20
Contract shall stipulate membership of contract holder
Former 1976 Code SECTION 38-19-20 [1962 Code SECTION 37-822; 1971 (57) 1001] recodified as SECTION 38-31-20 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-11-220 [1…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.