- 2,059
South Carolina Regulator Blasts Unfair Life Policy Cancellations | ThinkAdvisor
South Carolina insurance regulators are hearing stories about life insurers canceling life insurance policies without going through proper policy rescission procedures.
The department has sent all life insurers writing life insurance in South Carolina a bulletin about compliance with South Carolina policy rescission rules.
When a life insurer rescinds a policy, it returns the consumer’s premiums and proceeds as if the policy had never existed.
South Carolina insurance regulators are hearing stories about life insurers canceling life insurance policies without going through proper policy rescission procedures.
The department has sent all life insurers writing life insurance in South Carolina a bulletin about compliance with South Carolina policy rescission rules.
When a life insurer rescinds a policy, it returns the consumer’s premiums and proceeds as if the policy had never existed.