Bill > SB01270

This bill modifies regulations governing public adjusters, who are licensed professionals who help insurance policyholders negotiate insurance claims. Specifically, the bill changes existing law to stipulate that public adjusters can only charge fees based on the actual insurance settlement amount paid by the insurer, and they must wait to collect their fee until after the insurer has paid the settlement proceeds. Additionally, the bill maintains an existing provision that prevents public adjusters from charging any fee if an 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 key changes involve precise language about when and how public adjusters can collect fees, ensuring that their compensation is directly tied to the actual settlement amount and paid only after the insurer has completed the settlement payment. This legislation aims to provide more transparency and fairness in the claims adjustment process, protecting the interests of insured property owners by linking public adjuster compensation more closely to the actual insurance settlement.