A bill proposed by Illinois Rep. Edward J. Acevedo would amend the state's insurance code by revamping the requirements necessary for public adjusters to operate in the state.
H.B. 5489 — referred to as the Public Adjusters' Law — would require that all public adjusters be licensed in the state before doing business. The process involves meeting certain basic requirements, such as passing a written test on the state's insurance laws and regulations as well as maintaining an office location within the state. The bill also puts public adjusters under the governance of the director of insurance, who is permitted to suspend, revoke, or levy penalties against public adjusters who violate the Act.
Prospective public adjusters also must provide a surety bond of at least $20,000 as well as a letter of credit for the same amount. They also will be required to complete a minimum of 24 hours of continuing education, some of which must include ethics courses. The hours will be reported every two years to coincide with license renewal. In addition, the bill outlines extensive ethics requirements and standards of conduct.
The bill may be read in its entirety by clicking here.
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