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  • NJ A2033
  • Establishes compensation limits for licensed public adjusters during certain emergencies.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill provides that no individual, firm, association or corporation licensed under the "Public Adjusters' Licensing Act" shall charge, agree to, or accept any compensation in excess of 10 percent of the amount of insurance claim payments made by the insurer for claims based on events that are the result of a catastrophic loss occurrence. This compensation level shall apply to such claims made for a period of one year from the occasion of the designation of the catastrophic loss occurrence. As defined in this bill, "catastrophic loss occurrence" means an occurrence designated by the President of the United States or the Federal Emergency Management Agency, or the Governor of New Jersey or the State Office of Emergency Management in the Division of State Police in the Department of Law and Public Safety, or any other authorized federal, State or local agency, as an emergency or a disaster and includes, but is not limited to, a flood, hurricane, storm or earthquake.
Financial Institutions and Insurance
Introduced, Referred to Assembly Financial Institutions and Insurance Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Financial Institutions and Insurance Committee
Date Motion Yea Nay Other
None specified