Bill > HB5521

This bill aims to significantly update and expand regulations concerning public adjusters, who are professionals hired by individuals to help them negotiate insurance claims for property damage. Key provisions include defining terms like "catastrophic disaster" and "emergency adjuster" to address large-scale events, establishing clear application, licensure, and examination requirements for individuals and business entities seeking to become public adjusters, and outlining specific standards of conduct they must follow, such as prioritizing client interests and avoiding conflicts of interest. The bill also mandates detailed contract requirements between public adjusters and insured individuals, ensuring transparency regarding fees, services, and the insured's rights, including a three-day period to rescind the contract. Furthermore, it addresses financial responsibility through surety bonds or letters of credit, sets limits on fees charged by public adjusters (capped at 10% of the settlement), and requires them to maintain comprehensive records of their transactions for at least five years, all under the oversight of the insurance commissioner.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5521&year=2026&sessiontype=RS&btype=bill