Current Status Bill Number:View additional legislative information at the LPITS web site.
2384Ratification Number: 605Act Number: 518Introducing Body: HouseSubject: Provide for educational requirements for applicants for insurance agents' licenses
(A518, R605, H2384)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-51-111 SO AS TO PROVIDE FOR EDUCATIONAL REQUIREMENTS FOR APPLICANTS FOR INSURANCE AGENTS' LICENSES AND TO MAKE EXCEPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 38-51-111. (A) No applicant may be licensed as a local or general agent unless, within two years immediately preceding the date of his licensing, he has:
(1) Successfully completed classroom courses, or the equivalent thereof, in insurance approved by the Commissioner consisting of no less than forty classroom hours, or the equivalent thereof; or
(2) Had at least one year of insurance underwriting or marketing experience as an employee of an agent, insurer, or their managers or general agents in all lines of insurance for which he is making application to be licensed.
(B) Certification of qualification of the applicant must be made by an official of the school, college, insurance company, association or other body conducting the course of study, or by the former employer for qualification under item (2) of subsection (A) of this section. The certification must be in a format approved by the Commissioner and submitted with the sponsoring company's appointment of the agent and the agent's application for an agent's license, except where a temporary license is requested pursuant to Section 38-51-110, in which event the temporary license may be issued without such certification, if the sponsoring company furnishes certification prior to the applicant's being granted permission to take the examination. The certification of qualification of the applicant must be made within thirty days from the date of receipt of the request to provide the certification.
(C) Any course or program of instruction or seminar developed and/or sponsored by any authorized insurer, recognized agents, association, or insurance trade association or any independent program of instruction shall, subject to the approval of the Commissioner qualify for the equivalency of the number of classroom hours assigned thereto by the Commissioner.
(D) Any correspondence course approved by the Commissioner shall qualify for the equivalency of the number of classroom hours assigned thereto by the Commissioner.
(E) This section applies to residents applying for a license to engage in the sale of insurance except those persons who have previously been licensed for a period of five years or more and those persons applying for a license limited to the following types of insurance only or a combination thereof:
(1) Credit life or credit accident and health
(2) Credit property
(3) Crop hail
(4) Automobile physical damage
(5) Mortgage guaranty and/or mortgage redemption
(7) Travel accident and baggage
(8) Federal Crop Insurance Program."
SECTION 2. Persons accepting premiums as payment on insurance or filling out standard insurance forms but not otherwise engaged in the business of selling insurance are not to be construed as "agents."
SECTION 3. This act shall take effect upon approval by the Governor.