(the following is IIABSC’s interpretation of this order following discussions with the Department of Insurance and is NOT legal advice)

SCDOI Order 2020-02 was released on Oct. 8, 2020, is effective immediately and applies to all South Carolina licensees. That includes insurance companies and agents.

The order states that licensees cannot prohibit consumers from paying insurance premiums by cash if that is the consumer’s preferred method of payment. The definition of “cash” includes check, money order and currency.

Many agencies do not currently accept currency – but still offer payment options for checks or money orders. The order does not prohibit agents from encouraging consumers to pay premiums in forms other than currency and nothing requires the agent to advertise that the agency accepts cash.

For questions on this DOI order, contact Frank Sheppard (fsheppard@iiabsc.com or 803-760-1239).