South Carolina Life Insurance Practice Exam

Fines levied by the director in lieu of license revocation or suspension must be paid within?

1. 15 days

2. 30 days

3. 60 days

4. 90 days

The correct answer is: 30 days

Fines levied by the director instead of revoking or suspending a license must be paid within 30 days to ensure compliance with regulatory requirements. This timeframe provides licensees with a clear deadline to address any penalties assessed against them, encouraging prompt resolution of issues that may affect their ability to operate legally within the insurance industry. This period allows for timely corrective actions while maintaining the integrity of the licensing process. Adhering to this deadline is crucial for licensees to avoid further disciplinary actions or complications related to their licensing status.