The right of the insurer to terminate or refuse to renew a life, term, or endowment insurance policy issued on the franchise or wholesale plan is limited to: (1) nonpayment of premium; (2) the insured has attained the age limit prescribed in the policy; (3) the employee's employment in the eligible classes or the member's membership in the eligible association terminates; (4) the insurer terminates or refuses to renew the insurance on all employees of a common employer or affiliated employers after sixty days' written notice; (5) participation in the plan falls below any percentage or minimum number specified by the policy. HISTORY: Former 1976 Code Section 38-31-120 [1962 Code Section 37-312.1; 1969 (56) 699] recodified as Section 38-65-320 by 1987 Act No. 155, Section 1.
South Carolina Legal Code