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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 5, 2005
H. 3672
S. Printed 5/5/05--H.
Read the first time March 1, 2005.
TO AMEND SECTION 38-43-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DURATION OF A PRODUCER'S LICENSE AND THE LAPSING OF A LICENSE ON RENEWAL FOR NONPAYMENT OF A FEE, SO AS TO CHANGE THE PROCEDURE FOR REINSTATING A LICENSE FOR NONPAYMENT OF A FEE OR FAILURE TO COMPLY WITH THE CONTINUING EDUCATION REQUIREMENT.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-43-110 of the 1976 Code, as last amended by Act 323 of 2002, is further amended to read:
"Section 38-43-110. (A) A producer's license is for an indefinite term unless revoked or suspended as long as the requirements of Section 38-43-106 are met. If the biennial appointment fee for a producer is not paid at the time and in the manner the department provides by regulation, the appointment must be canceled.
(B) A producer who allows his license to lapse for failure fails to comply with pay the continuing education recordkeeping fee as required by Section 38-43-106 may shall have his license canceled on renewal. However, within six months from the compliance deadline, he may reinstate the same license without the necessity of complying with Section 38-43-105, provided a total of thirty hours of continuing education has been completed by November first of the compliance year, and a penalty fee set forth by regulation is paid the recordkeeping fee is paid to the Continuing Education Administrator. In addition, a penalty fee, not to exceed one hundred dollars, must be paid to and retained by the department for administrative services resulting from those producers who fail to comply with Section 38-43-106.
(C) A producer who fails to comply with the biennial continuing education hourly requirement as provided for in Section 38-43-106 shall have his license canceled on renewal. However, the producer may reinstate the same license without the necessity of complying with Section 38-43-105, provided within six months from the compliance deadline the required number of continuing education hours have been completed and a penalty fee, not to exceed two hundred dollars, is paid to and retained by the department for administrative services resulting from those producers who fail to comply with Section 38-43-106.
(D) A licensed insurance producer who is unable to comply with license renewal procedures due to active military service or some other extenuating circumstance (e.g., such as a long-term medical disability), may request a waiver of those procedures. The producer may also may request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures."
SECTION 2. Section 7B of Act 291 of 2004 is amended to read:
"B. This section takes effect May 1, 2006 2010."
SECTION 3. This act takes effect upon approval by the Governor.
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