HB 5392
Public Adjuster Professional Standards Reform Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the "West Virginia Public Adjuster Professional Standards Reform Act" to regulate the public adjuster industry in West Virginia. It outlines requirements for obtaining and maintaining a public adjuster license, including application procedures, contract standards with insureds, and financial responsibility requirements like surety bonds or irrevocable letters of credit. The bill also addresses penalties for violations and establishes rules for the industry.
Key provisions
- Establishes a licensing process for public adjusters, including requirements for age, background checks, and passing an adjuster exam.
- Requires public adjusters to maintain a surety bond or irrevocable letter of credit to protect policyholders.
- Sets forth specific contract requirements between public adjusters and insureds, including disclosure of fees and rights.
- Defines penalties for violations of the act, including fines and license suspension or revocation.
- Authorizes the commissioner to create administrative rules to implement the act.
- Specifies exemptions from licensing requirements for certain individuals and entities.
- Addresses financial responsibility requirements, including ongoing monitoring of bonds or letters of credit.
- Outlines procedures for emergency adjuster licenses during catastrophes.
Who is affected
- Public adjusters
- Insurance companies
- Policyholders
- The West Virginia Offices of the Insurance Commissioner
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