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Service Contract Provider

Overview

Title 38, Chapter 78 of the South Carolina Code of Laws, defines the regulations and requirements for service contract and those responsible administering the service contacts.

Licensing

  1. Service Contact Provider Registration Application, Form 4001 [pdf 428k]
    If the applicant is a corporation, partnership, limited liability corporation (LLC), or sole proprietor, the owner or authorized person of the business must sign the application.
     
  2. Itemized List of Application Attachements, Form 4003.
     
  3. License fee of $200
    The check should be made payable to the South Carolina Department of Insurance.  The fee in non-refundable.
          
  4. Certificate of Authority
    A Certificate of Authority is issued by the South Carolina Secretary of State.
    www.scsos.com/
     
  5. Two copies of each service contract form used.
     
  6. Financial Security Requirement
    If a funded reserve account or financial security deposit is being used to meet the financial security requirement, one of the following securities must be submitted.

Requirements

  1. Providers should save its records for no less than one year after the specified period of coverage has expired.
     
  2. Providers must choose any one of the following to meet the financial obligations required by this state.
    • Reimbursement insurance policy
    • Funded reserve account
    • The parent company must maintain a net worth of $100 million dollars

Renewals

Every service contract provider is required to renew its license by October 1st of each year.  The following information must be submitted to the Department by October 1st.  Renewals received after October 1st are subject to administrative disciplinary action. 

If the fee and completed application is not received in the Department by October 1st, the license must be canceled. The license will be placed in an inactive status and you will be prohibited from marketing, selling or issuing any new service contracts in South Carolina. 

All signatures and documents must be original.  Documents with reproduced or stamped signatures will not be accepted.  Faxed documents will also not be accepted.  All questions must be thoroughly answered.  Improperly completed or incomplete renewal applications will not be accepted and may be returned.

  1. License Renewal Application, Form 1030rn [pdf 289k]
    The application must be signed by the President if the administrator is a corporation; a partner if the administrator is a partnership, and the individual proprietor in the case of a sole proprietorship. The information furnished on the application must be given under oath.  The application must disclose a contact person.  Incomplete or improperly competed applications will not be accepted.
     
  2. $200 Renewal Fee

Frequently Asked Questions

Frequently Asked Questions About Service Contract Providers. 
 

SCDOI Contact Information

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