What must brokers do annually in South Carolina?

In South Carolina, brokers are required to file a detailed report of their business activities annually. This requirement is in place to ensure that there is transparency and accountability within the surplus lines market. By submitting a detailed report, brokers provide the regulatory authorities with insights into their operations, including the types of business they are involved in and the volume of premiums collected. This helps maintain oversight within the insurance industry and ensures compliance with state regulations.

Filing this report is essential for the state to monitor the financial health of brokers and to ensure that they are adhering to the laws governing surplus lines insurance. This practice aids in maintaining ethical standards and protecting the interests of policyholders and other stakeholders in the insurance market. The annual reporting requirement is a key aspect of regulatory oversight that ensures brokers operate fairly and responsibly.