WV HB2791

Creates licensing requirements for public adjusters in West Virginia, requiring applicants to be at least 18 years old, pass an examination, pay fees, and demonstrate financial responsibility through a surety bond (minimum $5,000) or irrevocable letter of credit (minimum $50,000)

Mandates written contracts between public adjusters and insureds that must be pre-filed with and approved by the Insurance Commissioner, including specific terms such as adjuster license number, compensation details, and a three-business-day rescission period for insureds

Caps public adjuster fees at 10% of total insurance recovery for non-catastrophic claims and 5% for catastrophic claims, with fees collected only after the insured receives settlement proceeds

Requires public adjusters to deposit client funds into fiduciary trust accounts within two business days and prohibits conflicts of interest, including participating in repair or restoration of property subject to claims they adjust

Authorizes the Insurance Commissioner to suspend, revoke, or refuse licenses and impose fines up to $5,000 per violation for infractions including fraud, misrepresentation, or accepting kickbacks, with an effective date of July 1, 2025