WV HB5392

Creates licensure requirements for public adjusters in West Virginia, mandating applicants be at least 18 years old, pass an examination, pay required fees, and maintain a surety bond (minimum $5,000) or irrevocable letter of credit (minimum $50,000)

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

Requires written contracts between public adjusters and insureds that must be pre-filed with and approved by the Insurance Commissioner, with insureds having 3 business days to rescind contracts

Mandates public adjusters handle client funds in fiduciary capacity, depositing them into separate non-interest-bearing trust accounts within 2 business days of receipt

Authorizes the Insurance Commissioner to suspend, revoke, or refuse licenses and impose civil penalties up to $5,000 per violation for misconduct including fraud, misrepresentation, or unfair practices