SB1495 Summary

• Increases minimum surety bond or letter of credit requirement for public adjusters from $20,000 to $50,000 to protect consumers.

• Clarifies that public adjusters representing insureds on property damage claims may charge no more than 10% of insurance settlement for non-residential properties during catastrophic events, and no more than 10% for all personal residence claims without exception.

• Requires public adjusters to provide exact copies of contracts to insurers via email within 5 business days of execution and allows insureds a 5-business-day rescission period after the insurer receives the contract.

• Adds email address as required contract term, specifies that compensation provisions cannot be redacted from copies submitted to the Department of Insurance, and clarifies that public adjusters represent (not work for) insureds.

• Repeals the Fire Damage Representation Agreement Act and updates terminology regarding consideration of criminal history in licensing decisions to evaluate rehabilitation factors more comprehensively.