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Broker Licensing Requirements

License Requirements for Resident Brokers

  1. A completed Broker's Application, Form 3520

  2. Payment of a $200.00 biennial license fee (not pro-rated)

  3. Post a surety bond in the sum of $10,000

  4. A broker-prelicensing certificate.The Statutes of the South Carolina and the Regulations of this Department provide that no individual shall be licensed as an insurance broker unless he (she) first possesses a current Producer Appointment for the same lines of insurance for which the broker proposes to apply, and has completed a minimum of twelve hours of prelicensing education related to broker and, or surplus lines insurance

  5. Only individuals may be licensed as Brokers in South Carolina

  6. All licenses are renewed biennial (even years) in May

License Requirements for Nonresident Brokers

  1. Applicants must submit a completed Broker's Application, Form 3520

  2. Applicants must pay a $200.00 biennial license fee (not pro-rated) made payable to the South Carolina Department of Insurance. Retaliatory under South Carolina law.

  3. In order for an applicant to qualify as a nonresident broker's license in the state of South Carolina, the nonresident applicant's home- state must first have a reciprocal agreement with the state of South Carolina Department of Insurance.

  4. A s a condition for licensure, a nonresident broker is prohibited from placing, directly or indirectly, insurance on a risk located in South Carolina except through licensed agents of insurers licensed to do business in this state.

  5. Only individuals may be licensed as brokers in South Carolina. Brokers representing brokerage firms or agencies must secure an agency license issued by this Department.

  6. Applicant must submit with the application a current home-state certification (Less than 90 days old) indicating that the individual is licensed as a surplus lines broker or its equivalent.

  7. The insurance laws of South Carolina provide that no individual shall be licensed as an insurance broker unless he is license as a broker in his home-state.

  8. A nonresident broker may enter South Carolina to place insurance with an eligible surplus lines insurer authorized to do business in South Carolina by the Department of Insurance. Such policies written on South Carolina risks by a nonresident broker must be placed through a licensed South Carolina broker.

  9. All broker licenses are renewed biennial (even years) in May

  10. Brokers are responsible for knowing and understanding Bulletin number 00-06 (Revised Guidelines Reporting Requirements for Surplus Lines Business)