CS for SB 938: Insurance Agents and Adjusters Summary

• Consolidates adjuster license types into a single "all-lines adjuster" license category, eliminating separate licenses for independent adjusters and company employee adjusters while allowing appointments under either classification.

• Eliminates the $200 administrative surcharge requirement for licensed title insurance agencies, with only title insurers required to pay the surcharge annually for appointed agencies and retail offices.

• Removes the requirement for surplus lines agents to maintain bonds and eliminates the county tax requirement for insurers to pay taxes for agents in multiple counties where they maintain places of business.

• Revises continuing education requirements to include a mandatory 7-hour update course every 2 years covering insurance law, ethics, and industry trends, plus additional elective hours based on licensee experience level and license type.

• Modifies limited license provisions by prohibiting new motor vehicle physical damage and mechanical breakdown insurance licenses after October 1, 2012, while creating a new portable electronics insurance limited license with detailed operational requirements.