CS/CS/CS/HB 725 - Insurance Agents and Adjusters Summary

• Revises definitions of "adjuster" and "home state"; creates "all-lines adjuster" license type and eliminates certain other adjuster license categories (independent, company employee, nonresident company employee adjusters).

• Modifies licensing requirements including eliminating residency requirements for public adjusters and public adjuster apprentices; applicants must complete prelicensing education and pass examinations with limited exemptions.

• Restructures continuing education requirements to 5-hour mandatory update courses plus elective hours (varying by license type), and eliminates the continuing education advisory board.

• Restricts issuance of new limited licenses for motor vehicle physical damage and mechanical breakdown insurance; consolidates credit insurance limited licenses; creates new limited license for portable electronics insurance.

• Updates examination, application, and licensing procedures including e-mail notice provisions, limits on examination attempts (5 times per 12-month period), and requirements for bail bond agents and surplus lines agents; effective October 1, 2012.