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TO AMEND SECTION 38-72-60 OF THE 1976 CODE, RELATING TO LONG TERM CARE INSURANCE TERMS AND CONDITIONS, TO PROVIDE THAT A LONG TERM CARE INSURANCE POLICY MUST PROVIDE AN OPTION TO NAME A THIRD PARTY TO CONTACT IF PREMIUMS GO UNPAID.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-72-60 of the 1976 Code is amended by adding an appropriately lettered subsection to read:
"( ) A long term care insurance policy must provide the insured with the option to name a third party whom the insurer must contact if premiums go unpaid. If the insured names a third party contact, and the insurer cannot contact the insured, the insurer must attempt to notify the third party, in writing, of the unpaid premiums at least thirty days before cancelling the policy."
SECTION 2. This act takes effect upon approval by the Governor.
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