On May 16, 2022, South Carolina passed a life insurance rescission statute codifying S.C. Code Ann. § 38-63-230, which conclusively forbids unilateral rescission of life insurance policies and sets forth strict procedures and essential language insurers must use to achieve mutual rescission. The Law also amended S.C. Code Ann. § 38-63-220 requiring that mutual rescission be commenced within the two-year contestability period.
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Related Documents: Client Bulletin: June 2022