Bill > SB01270

This bill modifies existing regulations for public adjusters in Connecticut, focusing on when and how they can charge fees for their services in insurance claim situations. Specifically, the bill prohibits public adjusters from charging a fee if the insurance company offers to pay the full policy limits within 30 days of a loss to an insured structure covered by a fire insurance policy. The bill also changes how public adjuster fees are calculated and collected, requiring that fees be based solely on the amount of settlement proceeds paid by the insurer, and mandating that these fees can only be collected after the insurer has actually paid the settlement. A public adjuster is a professional who helps policyholders navigate and negotiate insurance claims, working on behalf of the insured to maximize their insurance recovery. The bill aims to protect consumers by ensuring that public adjusters' compensation is directly tied to the actual settlement amount and is only collected after the insurer has paid, which could help prevent potential overcharging or premature fee collection. The legislation is set to take effect on October 1, 2025.

Business and Industry

Insurance and Real Estate Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01270&which_year=2025