A wellness reimbursement program administrator must be licensed to sell, offer, market, promote, or operate a wellness reimbursement program.

   a.  Applicants must:

     I.  apply using the prescribed application form;

     II.  pay the initial license fee;

    III.  submit annual financial statements or reports for

        the 2 preceding calendar years; and

     IV.  submit any other documents that the Director may

        require to ensure that the applicant meets the

        licensure requirements.

   b.  The Director must find that the applicant:

     I.  is competent, trustworthy, and financially

        responsible;

     II.  has a good personal and business reputation;

    III.  has not had an insurance license revoked, suspended,

        or denied in any jurisdiction within the preceding

        5 years; and

     IV.  has not been convicted of a crime involving fraud,

        dishonesty, or moral turpitude in any jurisdiction.

   c.  A wellness program administrator must:

     I.  comply with the Federal ERISA requirements or submit

        a letter or document from the I.R.S. or the U.S.

        Department of Labor approving the specific wellness

        reimbursement program;

     II.  keep a full record of its business and affairs (to

        be inspected by the Director at least every 3 years

        at the administrator's expense); and

    III.  file and maintain a surety bond with the Director.

[2025 SC H.B. 4305(NS)(SC ST § 38-105-20)(A-F)]3

Our compliance experts are constantly searching for and analyzing industry updates. Their findings are then recorded in the Regulatory Updates section of the Compliance Library to explain how the update impacts the insurance industry. If a change impacts an AgentSync product, this will be highlighted to inform you that the product is being updated to ensure you remain in compliance.