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IL SB2922
Bill
AI Summary
- Public adjusters are prohibited from paying commissions or fees to unlicensed persons for investigating or settling insurance claims in Illinois
- Unlicensed persons are prohibited from accepting compensation for investigating or settling insurance claims in Illinois
- Public adjusters may pay commissions or fees to persons who do not investigate or settle claims, provided such payments comply with state law
- Public adjusters cannot charge more than 10% of insurance settlement amounts on catastrophic event claims unless the Illinois Director of Insurance provides written approval
- Requests for exceptions to the 10% fee cap must be submitted in writing with specific justification and proof of policyholder acceptance, with the Director required to respond within 5 business days
Legislative Description
INS CD-PUBLIC ADJUSTER FEES
Last Action
Public Act . . . . . . . . . 98-0701
7/7/2014
Committee Referrals
Insurance4/28/2014
Rules4/9/2014
Insurance2/11/2014
Assignments2/4/2014
Full Bill Text
No bill text available