Every insurance broker who sells an insurance policy written or issued by an insurer not licensed to do business in this State is personally liable for the limits of the coverage provided for in the policy if the broker fails to comply with the provisions of this title relating to policies issued by insurers not licensed to do business in this State.
HISTORY: Former 1976 Code Section 38-45-120 [1947 (45) 322; 1952 Code Section 37-812; 1962 Code Section 37-812] recodified as Section 38-17-120 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-47-140 [1960 (51) 1630; 1962 Code Section 37-210.1] recodified as Section 38-45-120 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 672; 2012 Act No. 283, Section 1, eff January 1, 2012.
Structure South Carolina Code of Laws
Chapter 45 - Insurance Brokers And Surplus Lines Insurance
Section 38-45-10. Definitions.
Section 38-45-20. Requirements for resident to be licensed as an insurance broker.
Section 38-45-30. Requirements for nonresident to be licensed as an insurance broker.
Section 38-45-40. Reciprocal agreements as to licensing nonresidents.
Section 38-45-50. Duration of broker's license; nonpayment of license fee.
Section 38-45-70. Effect of broker's license; municipal license fees.
Section 38-45-80. Brokers to keep records of business done, furnish to director for inspection.
Section 38-45-100. Brokers may divide commissions.
Section 38-45-110. Warning stamped on policies of eligible surplus lines insurer.
Section 38-45-120. Personal liability of broker on policy of unlicensed insurer.
Section 38-45-130. Adjustment of losses; inspections and endorsements.
Section 38-45-140. Revocation of license of broker.
Section 38-45-160. Brokers policy fees.
Section 38-45-180. Authority of department.
Section 38-45-190. Authority of director.
Section 38-45-195. Collecting taxes for all risks placed in surplus lines market.