Bill 3805

                    Current Status

Introducing Body:               House
Bill Number:                    3805
Ratification Number:            399
Act Number:                     352
Primary Sponsor:                Quinn
Type of Legislation:            GB
Subject:                        Charities, insurance policies
Companion Bill Number:          867
Date Bill Passed both Bodies:   Apr 16, 1992
Computer Document Number:       BBM/9337.JM
Governor's Action:              S
Date of Governor's Action:      May 04, 1992
Introduced Date:                Apr 10, 1991
Date of Last Amendment:         Apr 14, 1992
Last History Body:              ------
Last History Date:              May 04, 1992
Last History Type:              Act No. 352
Scope of Legislation:           Statewide
All Sponsors:                   Quinn
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3805  ------  May 04, 1992  Act No. 352
 3805  ------  May 04, 1992  Signed by Governor
 3805  ------  Apr 28, 1992  Ratified R 399
 3805  House   Apr 16, 1992  Concurred in Senate
                             amendment, enrolled for
                             ratification
 3805  Senate  Apr 14, 1992  Amended, read third time,
                             returned with amendment
 3805  Senate  Mar 31, 1992  Amended, read second time,
                             ordered to third reading with
                             notice of general amendments
 3805  Senate  Mar 26, 1992  Committee Report: Favorable     02
                             with amendment
 3805  Senate  May 27, 1991  Introduced, read first time,    02
                             referred to Committee
 3805  House   May 23, 1991  Read third time, sent to
                             Senate
 3805  House   May 22, 1991  Read second time
 3805  House   May 15, 1991  Committee Report: Favorable     26
 3805  House   Apr 10, 1991  Introduced, read first time,    26
                             referred to Committee

(A352, R399, H3805)

AN ACT 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 THE "SOLICITATION OF CHARITABLE FUNDS ACT" HAS AN INSURABLE INTEREST IN THE LIFE OF AN INSURED UNDER A POLICY IN WHICH THE CHARITY OR CORPORATION IS IRREVOCABLY NAMED AS A BENEFICIARY AS LONG AS THE APPLICATION IS SIGNED BY THE INSURED, AND TO PROVIDE THAT THE PROVISIONS OF THIS SECTION DO NOT LIMIT OR ABRIDGE ANY INSURABLE INTEREST OR RIGHT TO INSURE NOW EXISTING AT COMMON LAW OR BY STATUTE, SHALL BE CONSTRUED LIBERALLY TO SUSTAIN INSURABLE INTEREST, AND SHALL STAND AS A DECLARATION OF EXISTING LAW APPLICABLE TO ALL LIFE INSURANCE POLICIES IN EXISTENCE ON OR AFTER THE EFFECTIVE DATE OF THIS SECTION.

Be it enacted by the General Assembly of the State of South Carolina:

Charity, nonprofit corporation as life insurance beneficiary

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 the life of an insured under a policy in which the charity or corporation is irrevocably named as a beneficiary provided that the application for insurance is signed by the insured.

The provisions of this section do not limit or abridge any insurable interest or right to insure now existing at common law or by statute, shall be construed liberally to sustain insurable interest, and shall stand as a declaration of existing law applicable to all life insurance policies in existence on or after the effective date of this section."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 4th day of May, 1992.