A charitable, religious, benevolent, or educational corporation, not operating for profit and in active operation for at least five years, may receive transfers of property conditioned upon its agreement to pay an annuity or lump-sum benefit to the transferor or his nominee without being subject to the insurance laws of this State. No corporation operating for profit, including nursing homes or any other type of business, is permitted to issue charitable or gift annuities without the director's or his designee's approval.
S.C. Code Ann. § 38-5-20
Certain charitable, religious, and other corporations authorized to issue annuities or pay lump-sum benefits without being subject to insurance laws
Former 1976 Code SECTION 38-5-20 [1962 Code SECTION 37-109; 1964 (53) 2051; 1968 (55) 2497; 1979 Act No. 40, SECTION 1; 1979 Act No. 120, SECTION 1] recodified as SECTIONS 38-1-…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.