CS/CS/HB 669 Summary

• Voids any assignment or agreement that transfers authority to adjust, negotiate, or settle insurance claims to contractors or subcontractors unless they are licensed public adjusters.

• Prohibits assignment of insurable interest except to subsequent purchasers of property who acquire insurable interest following a loss.

• Allows property insurance policies to prohibit post-loss assignment of benefits, with three exceptions: assignments up to $3,000 for repair services, assignments for public adjuster compensation, and assignments for attorney fees (with funds dispersed by attorney at insured's direction).

• Voids any post-loss assignments of rights, benefits, causes of action, or contractual rights that violate these restrictions.

• Takes effect July 1, 2015.