HB 2791
Public Adjuster Professional Standards Reform Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 2791, the Public Adjuster Professional Standards Reform Act, establishes a framework for regulating public adjusters in West Virginia. It creates a licensing process, outlines contract requirements between adjusters and insureds, specifies how funds must be handled, and establishes penalties for violations. The bill also mandates the creation of rules by the commissioner and sets an effective date of July 1, 2025.
Key provisions
- Establishes a licensing process for independent, staff, and public adjusters, including requirements for financial responsibility (bond or irrevocable letter of credit).
- Details specific contract requirements between public adjusters and insureds, including disclosures and limitations on fees.
- Mandates that public adjusters maintain accurate records of funds received and held on behalf of insureds.
- Creates penalties for violations of the act, including fines and license suspension or revocation.
- Requires the commissioner to develop rules to implement the act.
- Specifies acceptable methods of compensation for public adjusters.
- Outlines requirements for initial licensure, including background checks and examination passing.
- Addresses temporary registration for emergency adjusters during catastrophes.
Who is affected
- Individuals seeking to become public adjusters in West Virginia
- Insurance companies operating in West Virginia
- Policyholders in West Virginia
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