An Act amending the act of December 20, 1983 (P.L.260, No.72), referred to as the Public Adjuster Licensing Law, further providing for definitions, for license, for written disclosure of financial interest and for bond; providing for fees, for requirements and prohibitions and for separate pre-contract disclosure; and further providing for contract and for revocation, etc., of license.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill updates the Public Adjuster Licensing Law in Pennsylvania. It clarifies definitions related to ‘public adjuster,’ ‘negotiate,’ and ‘relative.’ It introduces new requirements for financial disclosures, prohibiting public adjusters from having conflicts of interest with repair or restoration companies. The bill also establishes fees, outlines specific contract requirements, and details the process for revoking a license. It includes provisions to ensure transparency for insureds regarding the role of public adjusters and their compensation.
Key provisions
- Defines key terms such as ‘public adjuster,’ ‘negotiate,’ and ‘relative’ to provide clarity in the law.
- Requires public adjusters to disclose any financial interests they have with companies involved in property repair or restoration.
- Prohibits public adjusters from receiving referral fees or commissions from such companies.
- Establishes a minimum bond amount for public adjuster licenses.
- Mandates a separate pre-contract disclosure document for insureds outlining the role of a public adjuster.
- Limits the percentage fees public adjusters can charge on insurance claims.
- Specifies requirements for public adjuster contracts, including disclosures about fees and potential conflicts of interest.
- Outlines grounds for fines, suspensions, or revocation of a public adjuster's license.
Who is affected
- Public Adjusters
Bill text
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Document of record
- Version
- Pn 1261 Html
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Sponsors
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3 on record
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