South Carolina Code 38-38-600. Applicability of general insurance provisions; membership requirements exception
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Terms Used In South Carolina Code 38-38-600
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Society: means fraternal benefit society, unless otherwise indicated. See South Carolina Code 38-38-40
Every society authorized to do business in this State is subject to Chapters 55, 57, and 59 of this title. However, nothing in Chapters 55, 57, and 59 may be construed as applying to or affecting the right of a society to determine its eligibility requirements for membership, or be construed as applying or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society.