Bill > HB1501

This bill establishes a new legal provision that limits the total compensation for public insurance adjusters when they are working on claims involving governmental entities. Specifically, the bill caps the total commission, including all expenses and direct costs, at 10% of the insurance settlement amount for claims related to entities covered under The Governmental Tort Claims Act. A public insurance adjuster is a professional who helps policyholders navigate and negotiate insurance claims, working on behalf of the insured party to maximize their settlement. The legislation aims to control costs and prevent potentially excessive fees when adjusters are handling claims for government-related organizations. The bill is set to become effective on November 1, 2025, giving insurance professionals and government entities ample time to prepare for and implement the new compensation restrictions.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1501&Session=2600