Bill > SB1074

This bill amends the Public Adjuster Licensing Law to enhance regulations governing public adjusters, who are professionals hired to help insurance claimants navigate and negotiate insurance claims. The bill introduces several key changes, including expanding definitions of terms like "negotiate" and "relative", increasing the required bond from $20,000 to $40,000, and establishing strict fee limitations where public adjusters can charge no more than 10% for catastrophic claim settlements and 15% for other insurance claim settlements. The legislation also mandates new disclosure requirements, prohibits public adjusters from collecting fees before claim settlement, restricts their ability to have financial interests in claim-related services, and requires adjusters to provide detailed pre-contract information to insureds about the claims process. Additionally, the bill strengthens reporting requirements, such as mandating that adjusters report criminal charges within 30 days and cooperate with departmental investigations. The bill aims to protect consumers by increasing transparency, preventing potential conflicts of interest, and establishing clearer guidelines for public adjusters' professional conduct. The changes will take effect 180 days after the bill's enactment.