SC Insurance Brokers Exam Surplus Lines Insurance Broker - Series 19-26 Questions and Answers
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Course
SC Insurance Brokers
Institution
SC Insurance Brokers
Resident Licensing Requirements
o :## 1. Be licensed as a resident property and casualty insurance producer.
o 2. Pass the SC broker licensing examination with 70% or better.
o 3. Pay a biennial fee of $200
o 4. File surety bond in favor of SC in amount of $10,000.
Nonresident Licensing Requir...
SC Insurance Brokers Exam Surplus Lines
Insurance Broker - Series 19-26 Questions
and Answers
Resident Licensing Requirements
o :## 1. Be licensed as a resident property and casualty insurance producer.
o 2. Pass the SC broker licensing examination with 70% or better.
o 3. Pay a biennial fee of $200
o 4. File surety bond in favor of SC in amount of $10,000.
Nonresident Licensing Requirements
o :## 1. File application on form prescribed by the director.
o 2. File affidavit stating insurance on a risk in this state will only be placed with
licensed agents of insurers licensed to operate in SC.
o 3. File an affidavit stating he is a licensed broker in another state.
o 4. Pay a biennial fee of $200.
What is the term of a brokers license?
o :## Brokers licenses are indefinite unless suspended or revoked as long as
licensing fees are paid.
Can municipalities impose license fees?
o :## Yes.
What disciplinary actions may the SCDOI Director take?
, 2|P a g e
o :## After an investigation and upon 10 days notice, the director may (a) impose
fines up to $2500 ($5000 for willful acts) and/or (b) suspend or revoke the license of
the person. These actions do not preclude civil or criminal penalties.
What is the SC P&C Insurance Guaranty Association?
o :## Assoc created to help detect and prevent insurance company insolvencies and
protect policy holders and claimants in the case of insolvencies. The assoc will pay
'covered claims' as defined by act. Only applies to P&C, not LA&H.
The Guaranty Association is divided into what four accounts?
o :## 1. Workers compensation
o 2. Auto
o 3. Homeowners and Farmowners
o 4. All other applicable types of insurance
Insurer Certificate of Authority may be suspended or revoked for what criteria?
o :## 1. Insurer is in an unsound condition.
2. Insurer has not complied with the law or provisions of its carter.
3. Insurer's condition renders its proceedings hazardous to the public or its policyholders.
4. True value of insurer's assets (if life insurer) less than its liabilities exclusive of its capital.
5. Officers or agents of insurer refuse to submit to examination or perform legal obligation relative to
examination.
6. Insurer has not complied with lawful order of director or his designee.
Insurance rates must not be:
o :## Excessive, inadequate, or unfairly discriminatory
Property & Casualty rates...
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