South Carolina § 38-43-670 Prohibited requirements of licensee, employee, or agent.

South Carolina Statutes

§ 38-43-670 — Prohibited requirements of licensee, employee, or agent.

South Carolina § 38-43-670

Title 38INSURANCE

Ch. 43INSURANCE PRODUCERS AND AGENCIES

This text of South Carolina § 38-43-670 (Prohibited requirements of licensee, employee, or agent.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-43-670 (2026).

Text

Notwithstanding another provision of this chapter, a regulation promulgated by the department, or an order issued by the director, a licensee, his employee, and agent must not be required to:

(1)act as a fiduciary of money received from the sale of insurance authorized to be sold under the provisions of this chapter; or (2) hold this money in a separate trust account if the insurer represented by the license holder provides written consent, signed by an officer of the insurer, that a premium is not required to be segregated from money received by the license holder because of the consumer transaction associated with the coverage.

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Notwithstanding another provision of this chapter, a regulation promulgated by the department, or an order issued by the director, a licensee, his employee, and agent must not be required to: (1) act as a fiduciary of money received from the sale of insurance authorized to be sold under the provisions of this chapter; or (2) hold this money in a separate trust account if the insurer represented by the license holder provides written consent, signed by an officer of the insurer, that a premium is not required to be segregated from money received by the license holder because of the consumer transaction associated with the coverage.