South Carolina Insurance Broker Bond
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How much does a $10,000 insurance broker bond cost in South Carolina?
A $10,000 insurance broker bond in South Carolina costs $100 and is issued instantly. A multi-year discount is available. Simply click Buy Now to visit our secure bond checkout, where you can buy your bond directly from our site. In just a few minutes, you can be on your way to getting bonded as a South Carolina insurance broker.
Why do I need this insurance license bond?
The South Carolina Department of Insurance requires insurance brokers to post $10,000 surety bonds as a condition of licensing. They are put in place to ensure insurance brokers are held responsible for committing any violations of applicable insurance laws and regulations. This includes failing to properly transmit any payment received via cash or credit for transmission and committing any act of fraud in connection with an insurance transaction.
If the principal violates any of the bond’s provisions, valid claims may be filed against the bond. The surety will cover any damages up to the penal sum of the bond ($10,000), but the principal must pay the surety the equivalent sum of money in a timely manner.
What are the terms of an insurance broker bond?
Insurance broker bonds in South Carolina remain in full force and virtue until canceled or claimed against. The surety’s liability under the bond can be terminated 30 days after the Director of Insurance receives written notice of cancellation from the surety or upon written authorization from the director to the surety.
How to become an insurance broker in South Carolina
Resident applicants wishing to become an insurance broker in South Carolina must complete the following requirements:
- Obtain a broker pre-licensing certificate.
Possess a current producer appointment for the line(s) of insurance broker proposes applying for.
Complete a minimum of 12 hours of pre-licensing education related to broker and/or surplus lines insurance. - Submit completed license application after obtaining the broker pre-licensing certificate.
- Pay the $200 biennial (even years) license fee payable to the South Carolina Department of Insurance.
This fee will not be prorated if license is obtained in an odd year. - Post a $10,000 insurance license bond.
Resident South Carolina insurance broker licenses can be renewed biennially (even years) in May.
Nonresident applicants applying for a SC insurance broker license must first make sure their home state has a reciprocal agreement with the state of South Carolina Department of Insurance. If their home state has a reciprocal agreement, an applicant can complete the licensing steps below:
- Submit completed license application.
Attach a current (less than 90 days old) home state certification indicating the individual holds a license as a surplus lines broker or an equivalent license. - Pay the $200 biennial (even years) license fee payable to the South Carolina Department of Insurance.
This fee will not be prorated if license is obtained in an odd year.
Only individuals, resident and nonresident alike, may be licensed as brokers in the state of South Carolina. However, nonresident brokers representing brokerage firms or agencies may secure an agency license issued by the Department of Insurance.
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