Licensing

Title 38, Chapter 78 of the South Carolina Code of Laws defines the regulations and requirements for service contracts and those responsible for administering the service contracts.

Initial Application
1. Application and fee ($200.00) must be completed on NIPR
2. There are additional questions and attachments that must be sent to the Department of Insurance to go with the online application. Send the additional questions and attachments to the email for the Special Licensing team.
            a. Additional Questions
            b. If there is a physical office in South Carolina, please attach the Certification of Authorization from the SC Secretary of State. You may apply for the Certificate on their 
website.
            c. Financial Statement from the last two years.
            d. Biographical Affidavits of Officers/Directors. You may use the NAIC form
            e. Financial Requirement as described in SC Code Law 38-78-30.
                        i. Reimbursement Insurance 
                        ii. Funded Reserve account
                        iii. Parent company must maintain a net worth of $100,000,000.00 (one hundred million dollars).
            f. Service Contracts in compliance with SC Code Law 38-78-50.
                        i. Reimbursement policy information or funded reserve information
                        ii. Identify the administrator
                        iii. Purchase price of the contract
                        iv. Procedures for prior approval
                        v. Amount of the deductible
                        vi. Merchandise/Services and Limitations/Exclusions
                        vii. Conditions for using like kind and quality parts
                        viii. Transfer terms
                        ix. Cancellation terms
                        x. Instructions for mitigation
                        xi. Consequential damages or pre-existing damages
                        xii. Return and refund policy
                        xiii. SC State Disclosure