Overview
Title 38, Chapter 39 of the South Carolina Code of Laws, defines the regulations and requirements for Premium Service Companies. Section 38-39-10 provides a detailed list of those exempt from the licensing requirements.
Premium Service Company Frequently Asked Questions
Licensing
- Application for Premium Service Company, Form 4501 [pdf 579k]
Every question on the application must be answered. Indicate "none" or "not applicable" if a question does not apply.
- License fee of $500
- Articles of Incorporation or Certificate of Domestication
- Notice of Financing Statement
Sample Notice of Premium Financing Statement [pdf 67k]
The applicant must have a net worth of at least $20,000 and personal assets are not accepted.
- Premium Service Company Bond, Form 4500 [pdf 416k]
Under no circumstances will the $50,000 Security Bond or Certificate of Deposit requirement be waived.
The following items (items 6- 10) must be submitted in duplicate.
- Premium Service Agreement
Sample Premium Service Agreement [pdf 92k]
- Maximum Rate Schedule, Form 4503 [pdf 674k]
Promulgated Maximum Schedule [pdf 108k]
- Payment Book
- Notice of Overdue Payment (Intent to Cancel)
- Notice to Insurer that Policy is Financed
- Request for Cancellation
Renewals
Every premium service company is required to renew its license by March 1st of each year. The following information must be submitted to the Department before March 1st. Renewals received after March 1st are subject to administrative disciplinary action. If you wish to surrender your license, please contact the Department for instructions.
All signatures and documents must be original. Documents with reproduced or stamped signatures will not be accepted. Faxed documents will also not be accepted.
- License Renewal Application and Annual Statement, Form 4502 [pdf 1534k]
The Annual Statement is for the period ending December 31st.
- $500 Renewal Fee
SCDOI Contact Information
Phone: 803-737-6134
Email: wseawright@doi.sc.gov