Insurance License Hub

The South Carolina Premium Service Company license

Premium Service Company

Finances an insured's premium under a premium service agreement. It is one of four South Carolina licenses priced at $1,000, alongside the portable electronics vendor, the pharmacy benefits manager and the pharmacy services administrative organization, and doing the work without one is a misdemeanor in which every single transaction is a separate offense.

Course

None

This license has no pre-licensing course route.

Ways in

1

There is no state exam for this license.

Exam

n/a

Not required on any of the routes below.

Every way to qualify

  1. Route 1 Apply with the financial instrument and a background in the business

    No state exam for this license

    Background for the business

    • Experience, training or education such as to be qualified in the business the license is applied for, together with a good business reputation; the statute names all three and measures none of them, and the Department asks for "Proof of Premium Service Business Background"

    and financial responsibility

    • a surety bond of $50,000 on deposit with the Department, or acceptable securities of $50,000 deposited in its place, held to reimburse anybody damaged by the company's acts, neglects, defaults or insolvency

    S.C. Code 38-39-30(b) is the finding list and no course is in it: competent and trustworthy and intending to act in good faith, a good business reputation with experience, training or education qualifying the applicant, incorporation here or authority to transact business here, the $50,000 bond or securities, no use of the license to restrain trade or dress up an affiliated insurer's accounts, and examination in the state of domicile if foreign. There is no examination. The chapter contradicts itself about the term. 38-39-20(b) sets "The biennial license fee is one thousand dollars payable to the department by March 1, 2010, and biennially after that time", which is the 2009 amendment; 38-39-30(c), untouched by it, still says each license runs for an indefinite term "if the annual license fee is paid by March first". The Department charges $1,000 through NIPR and asks for annual financial statements for the preceding calendar year, a certificate of existence, corporate formation documents, a list of officers with an NAIC biographical affidavit for each new one, and the premium service agreements, notices and maximum rate schedule required by 38-39-70, 38-39-80, 38-39-90 and 38-39-110 and by Regulation 69-10.

    Read at scstatehouse.gov on 2026-08-20

South Carolina asks a premium service company for a bond, accounts and a business background rather than for anything taught, and gives no examination for it, so there is nothing for a school to sell.