SB2876 Summary

• Creates new requirements for public adjuster contracts, including mandatory written terms covering services, fees, expenses, bonding status, insured information, and license details, with a three-business-day rescission right for insureds.

• Prohibits public adjuster contracts from requiring checks payable only to the adjuster, imposing collection costs or late fees, or preventing insureds from pursuing civil remedies.

• Adds standards of conduct requiring good faith, honesty, and equity for limited lines licensees including motor vehicle rental company producers, self-service storage owners, and other vendor licensees.

• Authorizes the Insurance Commissioner to waive or modify insurance-related fees by order upon showing of good cause, and changes premium tax payment methods to utilize the National Association of Insurance Commissioners' Online Premium Tax system.

• Adds wellness program rewards as an exception to prohibited rebates if the program meets specified requirements including alternative standards for individuals unable to participate due to health factors, capping total rewards at 20 percent of coverage costs.