South Carolina § 38-7-10 - License fees for insurers.

§ 38-7-10. License fees for insurers.

(A) Every insurer, except mutual benevolent aid associations and fraternal benefit associations, before transacting business in this State shall pay a license fee of eight hundred dollars to the department and after that initial payment pay to the department a biennial license fee of eight hundred dollars by March first every other year.

(B) In addition to the license fees required in subsection (A), the director or his designee shall collect from each insurer licensed by him to do business in this State a license fee of four hundred dollars for each kind of insurance for which the insurer is licensed as listed in Section 38-5-30(a) through (g). Each mutual insurer doing a property business only in no more than three counties shall pay a biennial fixed license fee of one hundred dollars and each mutual insurer doing a property business only in a single county shall pay a biennial fixed license fee of forty dollars. The license fees required in this subsection must be paid to the director or his designee before the insurer transacts business in this State and after that initial payment must be paid biennially to the director or his designee by March first every two years.

HISTORY: Former 1976 Code SECTION 38-7-10 [1960 (51) 1554; 1962 Code SECTION 37-171; 1982 Act No. 403, SECTION 1] recodified as SECTION 38-63-510 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-510 [1986 Act No. 540, Part II, SECTION 31A] recodified as SECTION 38-7-10 by 1987 Act No. 155, SECTION 1; 1992 Act No. 501, Part II SECTION 11B; 1993 Act No. 181, SECTION 534.