The South Carolina Department requires the South Carolina Insurance Broker Bond of Insurance for any person seeking licensure as an insurance broker. This Bond guarantees that the applicant (broker) will pay any person insured or seeking insurance through him/her should that person sustain a loss as a result of the broker's violation to comply with any insurance laws or regulations, failure to properly transmit any payment received, or for any act of fraud committed by the broker in connection with an insurance transaction.