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H. 4705
STATUS INFORMATION
General Bill
Sponsors: Reps. E.H. Pitts, Huggins and Tripp
Document Path: l:\council\bills\dka\3624dw06.doc
Introduced in the House on February 22, 2006
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: Certified financial planner (CFP) and certified life underwriter
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/22/2006 House Introduced and read first time HJ-42
2/22/2006 House Referred to Committee on Labor, Commerce and Industry
HJ-42
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 38-43-100, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INDIVIDUAL AND AGENCY INSURANCE PRODUCER LICENSING, SO AS TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO WAIVE EXAMINATIONS FOR A CERTIFIED FINANCIAL PLANNER (CFP) IN PROPERTY AND CASUALTY AND LIFE, ACCIDENT, AND HEALTH LINES OF INSURANCE AND EXAMINATIONS IN PROPERTY AND CASUALTY LINES FOR A CERTIFIED LIFE UNDERWRITER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-43-100(A) of the 1976 Code, as last amended by Act 291 of 2004, is further amended to read:
"(A) Business may not be done by the applicant except following issuance of a producer's license, and the license may not be issued until the director or his designee has determined that the applicant is qualified as an insurance producer, generally, and is particularly qualified for the line of business in which the applicant proposes to engage. The department shall promulgate regulations setting forth qualifying standards of producers as to all lines of business and shall require the producer applicant to stand a written examination. For the purpose of interstate reciprocity, the department shall identify by bulletin which limited lines or limited lines credit insurance are approved in South Carolina and which are exempt from examination. The director or his designee may waive the examination for an applicant who receives a bachelor's degree in insurance within five years of an application for licensure. The director or his designee also may waive the examination for property, casualty, surety, and marine lines of authority for applicants who have achieved the designations of Certified Insurance Counselor (CIC), or Chartered Property and Casualty Underwriter (CPCU), Certified Financial Planner (CFP), or Certified Life Underwriter (CLU). The director or his designee also may waive the examination for life, accident, and health lines of authority for applicants who have achieved the designation of or Chartered Life Underwriter (CLU), Certified Financial Planner (CFP), Fellow, Life Management Institute (FLMI), Life Underwriters Training Council Fellow (LUTCF), Registered Health Underwriter (RHU), Registered Employee Benefit Consultant (REBC), or Chartered Financial Consultant (CHFC). A bank, finance company, or other company handling credit transactions operating in this State and utilizing one or more credit life or accident and health or credit property producers in a particular geographical area who are licensed without having taken the written examination is required to have readily available at least one credit life or accident and health or credit property producer to answer customers' questions concerning credit life, credit accident, and health insurance, or credit property, or any combination of these."
SECTION 2. This act takes effect upon approval by the Governor.
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