South Carolina Statutes
§ 38-43-670 — Prohibited requirements of licensee, employee, or agent.
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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South Carolina § 38-43-670 (Prohibited requirements of licensee, employee, or agent.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2014 Act No. 226 (S.1065), SECTION 1, eff June 2, 2014.
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.