South Carolina Code 38-43-420. Advances must be confined to premiums; additional charges prohibited
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-43-420
- insurance: includes annuities. See South Carolina Code 38-1-20
- Lien: A claim against real or personal property in satisfaction of a debt.
- Policy: means 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
Advances made by a producer, agency, or producer of record in behalf of an insured or applicant for insurance and any lien arising therefrom under this must be confined to premiums for policies desired by the insured or applicant for insurance and no charges other than those set forth in this article may be made by any producer, agency, or producer of record in connection with, or related to, the advance of premiums. The producer, agency, or producer of record may not require, as a condition to the advancing of the premiums, that the insured purchase any other policy, commodity, product, or service.