South Carolina Insurance Broker Bond

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What is a South Carolina Insurance Broker Bond?

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.

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Insurance Broker Bond

$10,000 Bond

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Insurance Broker Bonds And Getting Your South Carolina Business License/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

Additional South Carolina Insurance Broker Bond Resources & Links

South Carolina Department of Insurance