Premium Service Company

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.

Initial License

1. Application and license fee ($1,000.00) must be completed on NIPR. 
2. There are additional questions and attachments that need to be sent to the Department of Insurance for the application to be completed. The following will need to be sent to the email for the Special Licensing team. 
   1. Certificate of Existence from the SC Secretary of State 
   2. Financial Requirement as described in SC Code Law 38-39-30 (Surety Bond or Certificate of Deposit)
   3. Financial statement from the last two years
   4. Additional Questionnaire
   5. Biographical Affidavit of all Officers and Directors
   6. Rates and Forms
      • Premium Service Agreement (Agreement example, Statement example)
      • Notices 
      • Maximum Rate Schedule 

Renewal License

The renewal is due between December 1 to March 1 on every even year. The fee is paid every even year and the statement is provided annually.

1. Renewal application and fee ($1,000.00) must be completed on NIPR  between December 1 to March 1 on every even year.
2. An Annual Statement must be provided to the Department every year.
3. There are additional requirements that must be sent to the Department of Insurance to go with the online application. Send the additional requirements and attachments to the email for the Special Licensing Team.
   1. Additional Renewal Questionnaire
   2. Annual Statement of previous year
   3. Financial Requirement as described in SC Code Law 38-39-30 (Surety bond or Certificate of Deposit)
   4. If any changes to the directors/officers, please complete new Biographical Affidavits.
   5. If any changes to the Rates and Forms, please provide copies.

Exemptions

The following are exempted from applying for an insurance premium service company license in South Carolina:

• An insurer authorized to transact insurance business in this state
• A banking institution, savings and loan association, cooperative credit union, consumer finance company authorized to do business in this state, or a supervised lender provided for in Title 37 of the SC Code of Laws authorized to do business in this state
• The inclusion of a charge for insurance in connection with an installment sale of goods or services
• The advancing of premiums by insurance agents and producers of record under Article 3 of Chapter 43 of this title (Section 38-39-10).