Public adjusters; regulation. (SB1415)

Introduced By

Sen. Monty Mason (D-Williamsburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Public adjusters. Provides that public adjusting includes soliciting an insured. The measure expands the list of activities in which any person other than a licensed public adjuster is prohibited from engaging to include (i) preparing, completing, or filing an insurance claim on behalf of an insured; (ii) aiding or acting on behalf of an insured in negotiating for or effecting the settlement of a claim for loss or damage covered by an insurance contract; (iii) advertising for employment as a public adjuster; or (iv) soliciting, investigating, or adjusting a claim on behalf of a public adjuster or an insured. The measure provides that an insured may void a contract he may have signed with a person who is not licensed as a public adjuster. The measure also requires that (a) the account into which funds received by a public adjuster on behalf of an insured toward the settlement of a claim be a noninterest-bearing account and (b) the public adjuster keep accurate and itemized records of the funds deposited into the account, which funds are required to be held separately from other funds and be reasonably ascertainable from the books of accounts and records of the public adjuster. Amends § 38.2-1845.1, § 38.2-1845.12, § 38.2-1845.13, of the Code of Virginia. Read the Bill »

Status

01/08/2019: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/08/2019Prefiled and ordered printed; offered 01/09/19 19102498D
01/08/2019Referred to Committee on Commerce and Labor

Hearing Scheduled

This bill is scheduled to be heard in the Senate Commerce and Labor committee on 01/21/2019. It meets on Monday, 1/2 hour after adjournment - Senate Room B.

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