No policy fee may be charged by a broker unless it is a reasonable fee, it is made part of the contract, and the broker's premium tax rate is paid upon the policy fee. If for any reason the director or his designee disapproves the placement or the insurer ultimately refuses to write the risk, the broker shall immediately refund the full policy fee to the policyholder.
HISTORY: Former 1976 Code Section 38-45-160 [1947 (45) 322; 1952 Code Section 37-816; 1962 Code Section 37-816; 1971 (57) 709; 1976 Code Section 38-45-160; 1980 Act No. 306, Section 3] recodified as Section 38-17-160 by 1987 Act No. 155, Section 1; New Section 38-45-160 enacted by 1988 Act No. 314, Section 9; 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.