HB 5521
Relating to public adjusters
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends West Virginia’s code to regulate public adjusters, establishing requirements for their licensing, including applications, examinations, and adherence to standards of conduct. It defines key terms related to adjusting, creates a process for emergency adjusters during catastrophic disasters, and outlines contract requirements between public adjusters and insureds. The bill also addresses exemptions from licensing requirements and establishes standards for financial responsibility and reporting.
Key provisions
- Establishes application, licensure, and examination requirements for public adjusters.
- Defines key terms related to adjusting, such as ‘automated claims adjudication system’ and ‘emergency adjuster’.
- Sets standards of conduct for public adjusters, including requirements for transparency and loyalty to insureds.
- Outlines contract requirements between public adjusters and insureds, including written agreements and disclosure of compensation.
- Creates a process for emergency adjusters to be authorized during catastrophic disasters.
- Establishes exemptions from licensing requirements for certain individuals and entities.
- Requires public adjusters to maintain detailed records of their transactions.
- Addresses reporting requirements for disciplinary actions taken against public adjusters.
Who is affected
- Public adjusters
- Insurance companies
- Policyholders
- The insurance industry
- West Virginia residents
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