Broker Licensing Requirements
License Requirements for Resident Brokers
Broker's Application, Form 3520
Payment of a
$200.00 biennial license fee (not pro-rated)
Post a surety bond
in the sum of $10,000
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
may be licensed as Brokers in South Carolina
All licenses are
renewed biennial (even years) in May
License Requirements for Nonresident Brokers
Applicants must submit a completed Broker's Application, Form
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.
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.
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.
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.
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
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.
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.
All broker licenses are renewed biennial (even years) in May
Brokers are responsible for knowing and understanding Bulletin
number 00-06 (Revised Guidelines Reporting Requirements for
Surplus Lines Business)