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TO AMEND SECTION 38-43-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONTINUING EDUCATION REQUIREMENTS FOR INSURANCE PRODUCERS, SO AS TO PROVIDE THAT A PRODUCER WHO ALLOWS HIS LICENSE TO LAPSE FOR FAILURE TO OBTAIN THE REQUIRED NUMBER OF CONTINUING EDUCATION HOURS IN A TWO-YEAR CYCLE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE END OF THE CYCLE, MAY REGAIN HIS LICENSE WITHOUT THE NECESSITY OF RETAKING THE INSURANCE EXAMINATION IF THE AGENT COMPLETES THE REQUIRED NUMBER OF CONTINUING EDUCATION HOURS WITHIN ONE HUNDRED EIGHTY DAYS OF THE END OF THE CYCLE, AND TO PROVIDE THAT THIS PROVISION APPLIES RETROACTIVELY TO COMPLIANCE CYCLES TERMINATING WITHIN TWO YEARS BEFORE THE EFFECTIVE DATE OF THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-43-110(B) of the 1976 Code, as added by Act 323 of 2002, is amended to read:
"(B) A producer who allows his license to lapse for failure to comply with Section 38-43-106 may, within six months one hundred eighty days from the compliance deadline, reinstate the same license without the necessity of complying with Section 38-43-105 or retaking the insurance examination, provided a total of thirty the required number of hours of continuing education has been completed by November first within one hundred eighty days of the compliance year, and a penalty fee set forth by regulation is paid deadline."
SECTION 2. This act takes effect upon approval by the Governor and applies for continuing education requirements accruing on or after that date and also applies retroactively to compliance cycles terminating within two years before the effective date of this act.
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