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South Carolina Insurance Broker Bond

South Carolina Insurance Broker Bond

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Who Requires the Insurance Broker Bond and Why Is It Needed?

An Insurance Broker Bond is a type of surety bond required by the South Carolina Department of Insurance for licensed resident insurance brokers pursuant to the laws of the State of South Carolina (S.C. Code Ann. Section 38-45-20). The required coverage amount of the surety bond is $10,000 and the bond ensures payment to any person insured or seeking insurance through the broker who shall sustain loss as a result of (a) violation of or failure to comply with any insurance law or regulation South Carolina, or (b) failure to properly transmit any payment for transmission to an insurer or insured, or (c) any act of fraud committed in connection with an insurance transaction.

How Much Will My Surety Bond Cost?

Surety Bonds Direct offers South Carolina Insurance Broker Bonds completely online without a credit check or any paperwork at exceptionally low prices. Going direct is that easy!

What is Needed to Obtain My License or Registration?

Overview of license requirements for South Carolina Resident Insurance Brokers:

  • Submit a completed Broker's Application, Form 3520
  • Pay biennial licensing fee (not pro-rated). All licenses are renewed biennial (even years) in May
  • Post a surety bond in the coverage amount of $10,000
  • Submit a broker pre-licensing certificate. The South Carolina Statute and the Department Regulations provide that no individual can be licensed as an insurance broker without a current Producer Appointment for the same lines of insurance for which the broker proposes to apply
  • Complete a minimum of twelve hours of pre-licensing education related to broker and, or surplus lines insurance

 




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