Licensing Requirements: Surplus lines brokers are required to be licensed under South Carolina law. S.C. Code Ann. §§ 38-45-20, 38-45-70. To receive a resident broker license, an applicant must (1) be
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. Any excess of return premium paid
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Licensed insurance brokers may charge reasonable policy fees in
The broker’s fee must be reasonable and made part of the contract with the insured. If the state insurance director or his designee disapproves of the fee amount, it must be
What entities are covered? “A person conducting business in [South Carolina], and owning or licensing computerized data or other data that includes personal identifying information.” § 39-1-90(A). A “person” includes
