What is the broker's premium tax rate in South Carolina?

In South Carolina, the broker's premium tax rate is established at 6%. This rate applies to the premiums collected by surplus lines brokers on policies that are placed with non-admitted insurance carriers. Understanding this tax rate is crucial for brokers, as it directly affects the costs passed on to clients and overall business profitability. Ensuring compliance with the state’s tax regulations is important for brokers to maintain their licenses and operate legally in the surplus lines market.