Overview

Title 38, Chapter 39 of the South Carolina Code of Laws, defines the regulations and requirements for Premium Service Companies.  Section 38-39-10 provides a detailed list of those exempt from the licensing requirements.

Premium Service Company Frequently Asked Questions
 

Licensing

1. Application for Premium Service Company, Form 4501 
   Every question on the application must be answered.  Indicate "none" or "not applicable" if a question does not apply.
     
2. License fee of $1,000 
3. Articles of Incorporation or Certificate of Domestication
    
4. Notice of Financing Statement
   Sample Notice of Premium Financing Statement 
   The applicant must have a net worth of at least $20,000 and personal assets are not accepted.
    
5. Premium Service Company Bond, Form 4500 
   Under no circumstances will the $50,000 Security Bond or Certificate of Deposit requirement be waived.
    
    
   The following items (items 6- 10) must be submitted in duplicate.
    
6. Premium Service Agreement
   Sample Premium Service Agreement 
    
7. Maximum Rate Schedule, Form 4503 
   Promulgated Maximum Schedule 
    
8. Payment Book
       
9. Notice of Overdue Payment (Intent to Cancel)
     
10. Notice to Insurer that Policy is Financed
      
11. Request for Cancellation
     

Renewals

Every premium service company is required to renew its license by March 1st of each year.  The following information must be submitted to the Department before March 1st.  Renewals received after March 1st are subject to administrative disciplinary action.  If you wish to surrender your license, please contact the Department for instructions. 

1. License Renewal Application and Annual Statement, Form 4502 
   The Annual Statement is for the period ending December 31st.
    
2. $1,000 Renewal Fee
     
3. Premium Service Companies Renewal Instructions
      

SCDOI Contact Information

Phone: 803-737-6134
Email: wseawright@doi.sc.gov