South Carolina Statutes
§ 38-43-430 — Extension of credit constitutes advancement of premiums.
Extension to the insured or applicant for insurance of his credit with an insurer by a producer, agency, or producer of record constitutes the advancing of premiums within the meaning of this article and the premiums are considered to have been advanced as of the effective date of the policy or binder of insurance notwithstanding that the producer, agency, or producer of record remitted to the insurer at a different time or remitted to the insurer net of commission.
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South Carolina § 38-43-430 (Extension of credit constitutes advancement of premiums.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-43-430 [1947 (45) 322; 1952 Code SECTION 37-683; 1962 Code SECTION 37-683] recodified as SECTION 38-73-430 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-51-430 [1962 Code SECTION 37-259.16; 1969 (56) 780] recodified as SECTION 38-43-430 by 1987 Act No. 155, SECTION 1; 2002 Act No. 323, SECTION 2, eff January 31, 2003.
Nearby Sections
15
§ 38-43-10
Persons considered producers of insurers; excess and surplus lines brokers; using assumed name.§ 38-43-100
Individual and agency insurance producer licensing; written examinations; contents of license.§ 38-43-101
Insurance producer applicants licensed in another state; qualifying standards; application process.§ 38-43-106
Continuing education requirements; administrator; advisory committee; exemptions from requirements.§ 38-43-160
Unlawfully representing unlicensed insurer.§ 38-43-20
Producer's license required; exceptions.§ 38-43-210
Selling stock in insurer.