Application of laws of State.
S.C. Code Ann. § 38-38-350
in effect(A) For certificates issued before the effective date of this chapter, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted must comply with the provisions of law applicable immediately before the effective date of this chapter. (B) For certificates issued on or after the effective date of this chapter, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted must comply with the provisions of law applicable to life insurers issuing policies containing like benefits in this State.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t38c038.phpFetched: 10/17/2026