Modifications (Possibly) to South Carolina Life Insurance coverage Rescission Process | Nelson Mullins Riley & Scarborough LLP

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Modifications could also be on the horizon in South Carolina for the process for all times insurers looking for to rescind insurance policies based mostly on materials misrepresentations within the software. The South Carolina Legislature is contemplating including a provision to the Insurance coverage Code offering that rescission can happen provided that both (a) there’s a mutual rescission settlement executed by all events, or (b) the insurer initiates a court docket continuing for rescission. That is in keeping with the pronouncement by the South Carolina Division of Insurance coverage in Bulletin No. 2019-02 that unilateral rescissions are impermissible below South Carolina legislation.

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