Bill > S0196

This bill creates comprehensive licensing and regulatory frameworks for two types of insurance adjusters in South Carolina: standard insurance adjusters and public insurance adjusters. The bill establishes detailed requirements for obtaining and maintaining licenses, including age restrictions, background checks, examinations, continuing education, and ethical standards. For standard adjusters, the bill defines an adjuster as an individual who investigates, evaluates, and negotiates insurance claims on behalf of insurers or self-insurers, and requires them to obtain a biennial license that costs $100 for individuals and $50 for business entities. Public adjusters, who work on behalf of insured individuals to help settle claims, must obtain a separate license with similar requirements, including a mandatory $20,000 surety bond or letter of credit and strict contractual guidelines. The bill limits public adjusters' fees to no more than 10% of an insurance settlement and mandates detailed written contracts with clients. Both types of adjusters must undergo criminal background checks, maintain professional standards, and report certain legal actions to the state's insurance director. The bill also repeals existing chapters related to adjusters, effectively updating and modernizing the state's insurance adjuster regulations to provide more comprehensive oversight and consumer protection.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=0196&session=126&summary=B