There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 5 - AUTHORITY AND REQUIREMENTS TO TRANSACT BUSINESS
Section 38-5-200 - Required use of particular insurance premium finance company or other installment plan prohibited; other prohibited acts.
SC Code § 38-5-200 (2012) What's This?
(A) An insurer, its agent, or an insurance broker doing business in this State may not require a person to use a particular insurance premium finance company or other installment plan for which a finance charge or other fee in connection with an installment payment has been or will be imposed.
(B) An insurer, its agent, or an insurance broker doing business in this State may not refuse to issue a policy of insurance solely because the premiums for the policy have been advanced by a premium finance company licensed in this State.
(C) An insurer or its agent doing business in this State shall not reduce commission or intimidate or retaliate against a producer, agent, broker, or insured who uses premium financing by denying the producer, agent, broker, or insured the same rights accorded producers, agents, brokers, or insureds who pay premiums in a different manner.
HISTORY: 1997 Act No. 154, Section 24.
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