South Carolina § 38-65-30 - Assignment of rights and benefits under policies.

§ 38-65-30. Assignment of rights and benefits under policies.

(1) Notwithstanding any other provision of law, any person insured under a group insurance policy, pursuant to an arrangement among the insured, the group policyholder, and the insurer, may assign his rights and benefits under the policy, including, but not limited to, the right to have issued to him an individual policy as set forth in items (8), (9), and (10) of SECTION 38-65-210 and the right to name a beneficiary. The assignment entitles the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the policy in accordance with the terms of the assignment.

(2) Subsection (1) of this section acknowledges, declares, and codifies the existing right of assignment of interest under group life insurance policies by persons insured under those policies.

HISTORY: Former 1976 Code SECTION 38-65-30 [1985 Act No. 137, SECTION 3] recodified as SECTIONS 38-41-30, 38-41-40, and 38-41-50 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-31-20 [1962 Code SECTION 37-307.1; 1970 (56) 2505] recodified as SECTION 38-65-30 by 1987 Act No. 155, SECTION 1.