Premium Service Company

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.

Please be aware that all correspondence regarding applications via email through our online system. The email address used for this correspondence is sbs@naic.org. We recommend saving this email address to ensure you receive any future system-generated emails. However, please do not reply to sbs@naic.org, as messages sent to that address will not be received. Please send any correspondence and documents you wish to submit regarding your license to specialtylicensing@doi.sc.gov.

 

INITIAL APPLICATION

You must complete the online application and pay the licensing fee ($1000.00) on NIPR. There are additional documents that must be sent to the Department of Insurance as part of the application. The online application, licensing fee, and the required documents listed on the application checklist must be legible, contain accurate information, be completed fully on updated forms, and submitted on the same day.  You must submit the checklist with the required documentation via email to specialtylicensing@doi.sc.gov. (We cannot receive emails larger than 40MB. Please keep this in mind when sending documentation by email. You may have to send more than one email and/or combine documents in a zip file.) 

 

  • Initial Additional Questionnaire Form 
  • Complete and return the Application Checklist. This lists all the requirements for an initial license. 
  • Certificate of Existence/Authority from the South Carolina Secretary of State (https://sos.sc.gov/) pursuant to S.C. Code Ann. § 38-39-30 (3) & Regulation 69-10 (9)
  • Corporate Formation Documents 
  • Proof of Premium Service Business Background
  • You must comply with one of the two Financial Requirements as described in S.C. Code Ann. § 38-39-30 (4): a surety bond (surety bond form) or have proven financial responsibility by depositing with the department acceptable securities of $50,000.  
  • Annual financial statements or reports for the preceding calendar year, and any other documents that the director or his designee may require to prove financial stability are required for initial licensure. The statements do not have to be audited.
  • Provide a list of all Officers
  • Provide a Biographical Affidavit for any new Officer on the List of Officers. You must use the NAIC form. 
  • Provide the Premium Service Agreements, Notices, Rates and Forms required under S.C. Code Ann. § 38-39-70, 38-39-80, 38-39-90 & 38-39-110, and Regulation 69-10 (13-27)

Premium Service Agreement (Agreement example, Statement example)

Notices 

Maximum Rate Schedule 


ANNUAL STATEMENT

  • An Annual Statement must be provided via email to the Department annually by March 1st. (There is no fee to submit this document).

RENEWAL APPLICATION

The renewal period will begin on December 1 and will close on March 1 of every other year on even years. March 1 is the final deadline for all applications and additional documentation to be submitted. We recommend applying early to allow sufficient time to address any potential issues and to prevent a lapse in your license and the incurrence of any reinstatement or penalty fees. 

 

You must complete the online renewal application on NIPR and pay the licensing fee ($1000.00) on NIPR.  There are additional documents that must be sent to the Department of Insurance as part of the application and should be thoroughly completed and appropriately signed prior to emailing. 

 

The online application, licensing fee, and the required documents listed on the application checklist must be legible, contain accurate information, be completed fully on updated forms, and submitted on the same day.  You must submit the checklist with the required documentation via email to specialtylicensing@doi.sc.gov. (We cannot receive emails larger than 40MB. Please keep this in mind when sending documentation by email. You may have to send more than one email and/or combine documents in a zip file.) 

 

Here is a navigation tool for completing your online application on NIPR.

  • Renewal Additional Questionnaire Form 
  • Complete and return the Application Checklist. This lists all the requirements for renewal. 
  • Amount of premiums collected and/or claims paid for SC business only.
  • Certificate of Existence/Authority from the South Carolina Secretary of State (https://sos.sc.gov/) pursuant to S.C. Code Ann. § 38-39-30 (3) and Regulation 69-10 (9). This must have been issued within 90 days of renewal. 
  • You must comply with one of the two Financial Requirements as described in S.C. Code Ann. § 38-39-30 (4): a surety bond (Surety Bond Form) or have proven financial responsibility by depositing with the department acceptable securities of $50,000.  
  • Provide the Annual Statement for the preceding calendar year. 
  • Provide a list of all current Officers
  • Provide a Biographical Affidavit for all Officers, which have not already been submitted. You must use the NAIC form. 
  • Provide an new/revised Premium Service Agreements, Notices, Rates and Forms required under S.C. Code Ann. § 38-39-70, 38-39-80, 38-39-90 & 38-39-110, and Regulation 69-10 (13-27) that have not already been submitted. All of these documents must be submitted for review prior to use and must comply with the applicable laws and regulations. 

Exemptions

The following are exempted from applying for an insurance premium service company license in South Carolina:

  • An insurer authorized to transact insurance business in this state
  • A banking institution, savings and loan association, cooperative credit union, consumer finance company authorized to do business in this state, or a supervised lender provided for in Title 37 of the SC Code of Laws authorized to do business in this state
  • The inclusion of a charge for insurance in connection with an installment sale of goods or services
  • The advancing of premiums by insurance agents and producers of record under Article 3 of Chapter 43 of this title (Section 38-39-10).


Additional Forms