Bill > A03048

This bill amends insurance law to introduce stricter regulations for public adjusters, who are professionals hired to help policyholders navigate and negotiate insurance claims. The bill prohibits public adjusters from receiving compensation for referring insureds to service providers for repairs or work related to their insurance claim, unless such compensation is clearly disclosed. Furthermore, the bill now completely bars public adjusters from referring insureds to individuals or entities in which they have a financial or ownership interest. The bill also requires insurance company adjusters to disclose upfront that they represent the insurance company's interests, not the insured's, and inform the insured of their right to hire a public adjuster who would exclusively represent their interests. Additionally, the legislation explicitly prevents any individual or entity from performing services, work, or repairs on an insurance claim where the public adjuster representing the insured has a financial stake in that service provider. These provisions aim to prevent potential conflicts of interest and ensure more transparent and fair practices in insurance claim settlements. The bill will take effect on the first day of January following its passage into law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3048