South Carolina Surplus Lines Broker Bond

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What is a South Carolina Surplus Lines Broker Bond?

The South Carolina Department of Insurance requires that resident Surplus Line Brokers post a $10,000 surety bond for the benefit of any person insured or any insurance customer who is damaged as a result of the brokers violation of or failure to comply with any insurance law or regulation of the state of South Carolina. Other actions covered by the bond include the broker's failure to properly transmit any payment received from a customer and any act of fraud committed in connection with an insurance transaction.

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Surplus Lines Broker Bond

$10,000 Bond

1-Year Bond

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Surplus Lines Broker Bonds And Getting Your South Carolina Business License/Registration

Regulations and requirements pertaining to Surplus Lines Brokers can be found in Title 38, Chapter 45 of the South Carolina Code of Laws. Only individuals may be licensed as brokers in South Carolina. Licensing steps for Resident Surplus Lines Brokers are as follows;

Complete the Application for Brokers, Form 3520.
Pay the biennial license fee. The fee is not pro-rated and is non-refundable and non-transferable.
Furnish the $10,000 Surety Bond
Submit the exam report from PSI. The exam report expires 12 months after the date of issuance. View exam content outlines.

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