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NY A02414
Bill
Status
1/26/2023
Primary Sponsor
Erik Dilan
Click for details
AI Summary
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Prohibits public adjusters with financial or ownership interests in service providers from referring insureds to those providers for work related to insurance claims they are handling.
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Requires insurance company adjusters to disclose in initial written and verbal communication that they represent the insurance company's interests, not the insured's, and that insureds have the right to hire their own licensed public adjuster.
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Mandates public adjusters disclose any compensation received for referrals to service providers in written memorandums, with such compensation counting toward the maximum fee the adjuster can charge.
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Requires public adjusters to disclose in writing any financial or ownership interests in service providers they refer insureds to, and any family relationships (blood or affinity to the second degree) with individuals or entities they refer.
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Takes effect on January 1st of the year following enactment.
Legislative Description
Prohibits an individual or entity that performs services, work, or repairs from performing the services, work, or repairs relating to any insurance claim for which a public adjuster represents the insured or has negotiated or effected a settlement where such public adjuster has a financial or ownership interest in such individual or entity that performs the services, work, or repairs; requires public adjusters to make certain disclosures.
Last Action
referred to insurance
1/3/2024