South Carolina Code 38-43-10. Persons considered producers of insurers; excess and surplus lines brokers; using assumed name
(1) sells, solicits, or negotiates insurance on behalf of an insurer;
Terms Used In South Carolina Code 38-43-10
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
- Person: means a corporation, agency, partnership, association, voluntary organization, individual, or another entity, organization, or aggregation of individuals. See South Carolina Code 38-1-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
- producer: means a person who represents an insurance company and is required to be licensed pursuant to § 38-43-10. See South Carolina Code 38-1-20
(2) takes or transmits other than for himself an application for insurance or a policy of insurance to or from an insurer;
(3) advertises or otherwise gives notice that he will receive or transmit insurance applications or policies;
(4) receives or delivers a policy of insurance of an insurer;
(5) receives, collects, or transmits any premium of insurance; or
(6) performs any other act in the making of an insurance contract for or with an insurer, other than for himself; whether these acts are done by an employee of an insurer or at the instance or request of an insurer, must be an appointed producer of the insurer for which the act is done or the risk is taken unless provided otherwise in § 38-43-20.
(B) This chapter does not apply to excess and surplus lines brokers licensed pursuant to § 38-45-30 except as provided in § 38-43-70.
(C) An insurance producer doing business under any name other than the producer’s legal name is required to notify the director or his designee prior to using the assumed name.