South Carolina § 38-45-40 Reciprocal agreements as to licensing nonresidents.

South Carolina Statutes

§ 38-45-40 — Reciprocal agreements as to licensing nonresidents.

South Carolina § 38-45-40

Title 38INSURANCE

Ch. 45INSURANCE BROKERS AND SURPLUS LINES INSURANCE

This text of South Carolina § 38-45-40 (Reciprocal agreements as to licensing nonresidents.) 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. § 38-45-40 (2026).

Text

The director or his designee may enter into reciprocal agreements with the insurance commissioners of other states in regard to licensing of nonresident brokers if in his judgment the arrangements or agreements are in the best interest of the State and if the applicant for the license meets the minimum statutory requirements of this State for the issuance of a broker's license. However, the director or his designee may not enter into or continue any reciprocal agreement unless the other state is as liberal as this State in licensing nonresident brokers.

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The director or his designee may enter into reciprocal agreements with the insurance commissioners of other states in regard to licensing of nonresident brokers if in his judgment the arrangements or agreements are in the best interest of the State and if the applicant for the license meets the minimum statutory requirements of this State for the issuance of a broker's license. However, the director or his designee may not enter into or continue any reciprocal agreement unless the other state is as liberal as this State in licensing nonresident brokers.

Legislative History

HISTORY: Former 1976 Code SECTION 38-45-40 [1947 (45) 322; 1952 Code SECTION 37-804; 1962 Code SECTION 37-804; 1964 (53) 2054] recodified as SECTION 38-17-40 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-47-50 [1957 (50) 534; 1962 Code SECTION 37-203.2] recodified as SECTION 38-45-40 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 672; 2012 Act No. 283, SECTION 1, eff January 1, 2012.