South Carolina Regulator Blasts Unfair Life Policy Cancellations

May 7, 2019 by Allison Bell

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.

Raymond Farmer, the South Carolina insurance director, hints at the nature of the stories regulators are hearing in the description of the bulletin’s purpose.

Click HERE to read the full story via ThinkAdvisor.

Originally Posted at ThinkAdvisor on May 3, 2019 by Allison Bell.