South Carolina § 38-67-50 - Insurance laws applicable; grace, reinstatement, and nonforfeiture provisions; reserve liability for variable contracts.
Full text of South Carolina South Carolina Code of Laws § 38-67-50 — Insurance laws applicable; grace, reinstatement, and nonforfeiture provisions; reserve liability for variable contracts., with citation guidance and answers to common questions.
§ 38-67-50. Insurance laws applicable; grace, reinstatement, and nonforfeiture provisions; reserve liability for variable contracts.
Except as otherwise provided in this chapter, all pertinent provisions of the insurance laws of this State apply to separate accounts and contracts relating thereto. However, Article 5, Chapter 63 of this title does not apply to variable life insurance policies. Any individual variable life insurance contract, delivered or issued for delivery in this State, shall contain grace, reinstatement, and nonforfeiture provisions appropriate to such a contract. The reserve liability for variable contracts must be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.
HISTORY: Former 1976 Code SECTION 38-67-50 [1985 Act No. 133, SECTION 5] recodified as SECTION 38-51-70 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-33-50 [1962 Code SECTION 37-335; 1968 (55) 2407; 1978 Act No. 441 SECTION 5] recodified as SECTION 38-67-50 by 1987 Act No. 155, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-67-50
What does South Carolina Code of Laws § 38-67-50 cover?
Section 38-67-50 ("Insurance laws applicable; grace, reinstatement, and nonforfeiture provisions; reserve liability for variable contracts.") 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 § 38-67-50?
A common citation format is "South Carolina Code of Laws § 38-67-50" (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 § 38-67-50 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.