S.C. Code Ann. § 38-65-320: Termination of or refusal to renew policy issued on franchise or wholesale plan.

The right of the insurer to terminate or refuse to renew a life, term, or endowment insurance policy issued on the franchise or wholesale plan is limited to:

(1) nonpayment of premium;

(2) the insured has attained the age limit prescribed in the policy;

(3) the employee's employment in the eligible classes or the member's membership in the eligible association terminates;

(4) the insurer terminates or refuses to renew the insurance on all employees of a common employer or affiliated employers after sixty days' written notice;

(5) participation in the plan falls below any percentage or minimum number specified by the policy.