The director or his designee may enter into reciprocal agreements with the insurance commissioners of other states in regard to licensing of nonresident brokers if in his judgment the arrangements or agreements are in the best interest of the State and if the applicant for the license meets the minimum statutory requirements of this State for the issuance of a broker's license. However, the director or his designee may not enter into or continue any reciprocal agreement unless the other state is as liberal as this State in licensing nonresident brokers.
HISTORY: Former 1976 Code Section 38-45-40 [1947 (45) 322; 1952 Code Section 37-804; 1962 Code Section 37-804; 1964 (53) 2054] recodified as Section 38-17-40 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-47-50 [1957 (50) 534; 1962 Code Section 37-203.2] recodified as Section 38-45-40 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.