South Carolina Code 38-57-130. Misrepresentations, special inducements, and rebates prohibited on all insurance contracts
(2) No person may make any false or misleading statement as to the dividends or share of surplus previously paid on similar policies.
Terms Used In South Carolina Code 38-57-130
- Contract: A legal written agreement that becomes binding when signed.
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
- person: means any individual, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including agents, brokers, and adjusters. See South Carolina Code 38-57-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
(3) No person may pay, allow, or give or offer to pay, allow, or give, directly or indirectly, as inducement to the purchase or the renewal of an insurance contract, any rebate of premiums payable on the contract, any special favor or advantage in any benefits payable thereon, or any valuable consideration or inducement that is not specified in the contract.
(4) Nothing in this section may be construed to:
(a) permit an unfair method of competition or an unfair or deceptive act or practice; or
(b) prohibit an insurer from offering or giving an insured, for free or at a discounted price, services or other offerings that directly and reasonably relate to the loss control of the risks covered under the policy.