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40% of South Carolina Insurance Agents Could Lose Licenses by May First

Insurance agents in South Carolina must complete their first-ever license renewal process by May 1st, or risk losing their licenses, a report in the Insurance Journal says.

Under new state regulations there are now compliance requirements which insurance agents must meet. These requirements include the completion of 24 hours of continuing education, the completion of an online “producer” license renewal process, and the payment of two fees – one a $15 record-keeping fee which goes to Prometric, Inc. , and the other a $25 license renewal fee.

Scott Richardson, state Insurance Director, said that all insurance agents licensed in South Carolina were sent notices explaining the compliance requirements, but that many of them have not yet acted on the new regulations.

Richardson said to the press, “Our records indicate that more than 40 percent of both resident and nonresident agents have yet to renew their license, complied with CE requirements or both. Their licenses will lapse if they have not complied by the May 1, 2010 deadline. They will be unlicensed and unable to transact the business of insurance.”

In addition to sending notices, there have been three-hour seminars outlining the changes to state licensing procedures. The seminars also explained changes to brokers’ license requirements, and new legislation regarding the sharing of commission and company appointment procedures. So far, the cities of Greenville, Rock Hill, Columbia, Hilton Head, Charleston, Myrtle Beach, and Florence have hosted these seminars.

The seminars were sponsored by several organizations, including the Department of Insurance, the Independent Agents and Brokers of South Carolina, the National Association of Insurance and Financial Advisors (South Carolina chapter), the Professional Insurance Agents of South Carolina, the South Carolina Association of Auto Insurance Agents, and the South Carolina Association of Health Underwriters.

There will be a final session on Friday, April 16th, in Columbia, SC.

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