South Carolina § 38-55-110 - Reserve requirements for tontine policies.
Full text of South Carolina South Carolina Code of Laws § 38-55-110 — Reserve requirements for tontine policies., with citation guidance and answers to common questions.
§ 38-55-110. Reserve requirements for tontine policies.
In order to pay endowments as they severally mature, as well as to pay all other benefits incorporated in the policies, certificates, or contracts of insurance, a life insurer, fraternal benefit society, or mutual aid association operating in this State upon a plan described in SECTION 38-55-90 shall establish and maintain on each policy a reserve upon a basis not lower than the American Experience Table of Mortality, full preliminary term, Illinois Standard, and interest assumption of three and one-half percent, covering each contingency provided for in the policy.
HISTORY: Former 1976 Code SECTION 38-55-110 [1962 Code SECTION 37-1211; 1964 (53) 2293; 1969 (56) 214, 760] recodified as SECTION 38-57-110 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-170 [1947 (45) 322; 1952 Code SECTION 37-152; 1962 Code SECTION 37-152] recodified as SECTION 38-55-110 by 1987 Act No. 155, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-55-110
What does South Carolina Code of Laws § 38-55-110 cover?
Section 38-55-110 ("Reserve requirements for tontine policies.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 38-55-110?
A common citation format is "South Carolina Code of Laws § 38-55-110" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-55-110 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.