S.C. Code Ann. § 38-43-100 – Individual and agency insurance producer licensing; written examinations; contents of license

(A) Business may not be done by the applicant except following issuance of a producer's license, and the license may not be issued until the director or his designee has determined that the applicant is qualified as an insurance producer, generally, and is particularly qualified for the line of business in which the applicant proposes to engage. The department shall promulgate regulations setting forth qualifying standards of producers as to all lines of business and shall require the producer applicant to stand a written examination. For the purpose of interstate reciprocity, the department shall identify by bulletin which limited lines or limited lines credit insurance are approved in South Carolina and which are exempt from examination. The director or his designee may waive the examination with respect to applicants who have achieved the designations of Chartered Property and Casualty Underwriter (CPCU) or Chartered Life Underwriter (CLU). A bank, finance company, or other company handling credit transactions operating in this State and utilizing one or more credit life or accident and health or credit property producers in a particular geographical area who are licensed without having taken the written examination is required to have readily available at least one credit life or accident and health or credit property producer to answer customers' questions concerning credit life, credit accident and health insurance, or credit property, or any combination of these.
(B) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to subsection (A) of this section. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer and the insurance laws and regulations of this State. Examinations required by this section must be developed and conducted under rules and regulations prescribed by the director or his designee.
(C) The director or his designee may make arrangements, including contracting with an outside testing service, for administering licensing examinations.
(D) Each individual applying for a licensing examination shall remit a nonrefundable examination fee as required by the licensing exam administrator.
(E) An individual who fails to appear for the examination as scheduled or fails to pass the examination, shall reapply for an examination and remit all required fees and forms before being rescheduled for another examination.
(F) A person applying for a resident insurance producer license shall make application to the director or his designee on the Uniform Application and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the director or his designee shall find that the individual:
1. (1) is at least eighteen years of age;
2. (2) has not committed any act that is a ground for denial, suspension, or revocation set forth in Section 38-43-130;
3. (3) has completed a prelicensing course of study for the lines of insurance for which the person has applied;
4. (4) has paid the fees set forth in Section 38-43-80; and
5. (5) has successfully passed the examination or examinations for the line or lines of insurance for which the person has applied.
(G) An agency acting as an insurance producer is required to obtain an insurance producer license. Application must be made using the Uniform Business Entity Application. Before approving the application, the director or his designee shall find that:
1. (1) the agency has paid the fees as prescribed by Section 38-43-80; and
2. (2) the agency has designated a licensed producer or other person responsible for the business entity's compliance with the insurance laws, rules, and regulations of this State.
(H) The director or his designee may require any documents reasonably necessary to verify the information contained in an application.
(I) The license shall contain the licensee's name, address, personal identification number, and the date of issuance, the line or lines of authority, the expiration date and any other information the Director of Insurance or his designee deems necessary.
(J) Each insurer that sells, solicits, or negotiates any form of limited line credit insurance shall provide to each individual whose duties include selling, soliciting, or negotiating limited line credit insurance a program of instruction that is approved by the director or his designee.