Current Status Introducing Body:Senate Bill Number:867 Primary Sponsor:Wilson Committee Number:02 Type of Legislation:GB Subject:Charities, insurance policies Residing Body:Senate Current Committee:Banking and Insurance Companion Bill Number:3805 Computer Document Number:BBM/9338.JM Introduced Date:Apr 10, 1991 Last History Body:Senate Last History Date:Apr 10, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Wilson Type of Legislation:General Bill
Bill Body Date Action Description CMN
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867 Senate Apr 10, 1991 Introduced, read first time, 02
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-63-100 SO AS TO PROVIDE THAT A BONA FIDE CHARITY OR NONPROFIT CORPORATION WHICH IS IN COMPLIANCE WITH CHAPTER 55 OF TITLE 33 HAS AN INSURABLE INTEREST IN ANY LIFE INSURANCE POLICY IN WHICH IT IS IRREVOCABLY NAMED AS A BENEFICIARY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 63, Title 38 of the 1976 Code is amended by adding:
"Section 38-63-100. Notwithstanding any other provision of law, a bona fide charity or nonprofit corporation which is in compliance with the `Solicitation of Charitable Funds Act' (Chapter 55 of Title 33) has an insurable interest in any life insurance policy in which the charity or corporation is irrevocably named as a beneficiary."
SECTION 2. This act takes effect upon approval by the Governor.