How much does a South Carolina insurance broker bond cost?
The South Carolina insurance broker bond costs $100 annually. Select our multi-year discount at checkout to extend your insurance license bond term and save money on your surety bond cost!
How do you get an insurance broker bond in South Carolina?
You can buy your South Carolina insurance broker bond online 24/7. Simply provide your broker name as it will appear on your license for Department of Insurance filing approval. Once your payment has been received, your official insurance broker bond will be delivered by email.
How fast can I get an insurance broker license bond?
SuretyBonds.com offers instant South Carolina insurance broker bond delivery 24/7. Purchase now to receive your official South Carolina surety bond delivered in minutes by email.
What is a South Carolina insurance broker bond?
South Carolina Code of Laws Section 38-45-20 requires individuals file a $10,000 surety bond before they can be licensed to work as an insurance broker. The official state bond form is titled “Broker Bond” but is more commonly known as the “insurance broker bond.” South Carolina Code specifies the bond can be used to pay people insured or those seeking insurance through a broker if they sustain a loss resulting from a broker who fails to properly transmit payments, commits fraud, or otherwise violates regulatory compliance laws.
Why do insurance brokers in South Carolina need a bond?
Insurance brokers must file this South Carolina surety bond before they can be licensed to work in the state. South Carolina code requires this bond to ensure insurance brokers comply with the state's insurance laws. If a licensed insurance broker fails to do so, these South Carolina surety bonds protect consumers if a broker fails to transmit payments appropriately or otherwise commits fraud.
Who regulates insurance broker licensing in South Carolina?
The South Carolina Department of Insurance enforces state insurance broker licensing, including the $10,000 bond amount requirement. If you have questions about your existing broker license, a new license application, or the state bond process, you can contact the DOI by calling 1(803)737-6095 or emailing [email protected].
The South Carolina Department of Insurance requires this bond for state insurance broker licensing compliance. If you work as an insurance broker in other states, we also offer insurance broker bonds nationwide.
What happens if a South Carolina insurance broker does not have a bond?
These insurance broker bonds must be filed, renewed, and maintained for the duration of your active insurance broker license. South Carolina Insurance brokers who don't file a bond won't be approved for licensing. Licensed brokers who fail to renew their bond will lose their license.
How do I update or change my insurance broker license bond?
If the Department of Insurance requires your license bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name or individual NPN to match how they appear on your broker license.
How do I renew my insurance broker bond?
You must renew your South Carolina insurance broker bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next license term.
How do insurance brokers apply for a license in South Carolina?
Complete the steps below to apply for a resident South Carolina insurance broker license through the NIPR.
- Complete the NAIC Uniform Application for Individual Producer License/Registration.
- Pass the South Carolina Department of Insurance online exam.
- Pay the $200 biennial (even years) license fee. (Note your fee won't be prorated if your license is issued in an odd year.)
- Get a broker pre-licensing certificate, including a current producer appointment for the line of insurance you're applying for with at least 12 hours of related pre-licensing education.
- Purchase and file your $10,000 South Carolina surety bond.
Complete the steps below to apply for a nonresident South Carolina insurance broker license through the NIPR.
- Verify your home-state and the South Carolina Department of Insurance have a reciprocal agreement.
- Complete the broker application.
- Pay the $200 biennial license fee.
- Provide a copy of a home-state certification from the last 90 days showing a relevant license.
Only individuals can be licensed as brokers. Nonresident brokers representing brokerage firms must get an agency license. Both resident and nonresident licenses must be renewed biennially in May.
What are the penalties for violating the terms of a South Carolina insurance broker bond?
If an insurance broker violates their bond terms, their issuing surety company will pay valid claims up to the full $10,000 bond amount. The broker must reimburse their surety company for all claims paid.
