No policy fee may be charged by a broker unless it is a reasonable fee, it is made part of the contract, and the broker's premium tax rate is paid upon the policy fee. If for any reason the director or his designee disapproves the placement or the insurer ultimately refuses to write the risk, the broker shall immediately refund the full policy fee to the policyholder.
S.C. Code Ann. § 38-45-160
Brokers policy fees
Former 1976 Code SECTION 38-45-160 [1947 (45) 322; 1952 Code SECTION 37-816; 1962 Code SECTION 37-816; 1971 (57) 709; 1976 Code SECTION 38-45-160; 1980 Act No. 306, SECTION 3] r…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.