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.

Service Agreement Requirements
The premium service agreement must:
  • Be printed in at least an eight point font
  • Be dated and signed by the insured
  • Contain the name and place of business of the insurance agent or insurance broker negotiating the related insurance contract
  • Contain the name and residence or the place of business of the insured as specified
  • Contain the name and place of business of the premium service company to which payments are to be made
  • Contain a description of the insurance contracts involved, the amount of the premium and shall set forth the following, where applicable:
    • The total amount of the premiums
    • The amount of the down payment
    • The principal balance
    • The amount of the service charge
    • The balance payable by the insured
    • The number of installments required, the amount of each installment expressed in dollars and the due date Section 38-39-70