Pre-licensing exams, required to comply with Virginia’s new law regarding licensing of public adjusters, will be available beginning Nov. 1.
All public adjusters conducting business in Virginia must be licensed starting Jan. 1, 2013.
The law applies to both resident and non-resident adjusters. Resident adjusters are required to possess a surety bond of $50,000.
The law, passed during Virginia’s 2012 legislative session, makes the state the 45th to require licenses and set standards for public insurance adjusters.
Licenses will be issued by the State Corporation Commission’s Bureau of Insurance. As a result of the new law, public adjusters will have to comply with conduct standards and continuing education requirements. Public adjusters also will have to charge fees that are fair and reasonable in relation to the work performed. The law also will allow the SCC to suspend or revoke licenses.
Licensing requirements include an exam for resident adjusters, with 24 hours of continuing education every two years, a criminal background check, certification of a $50,000 bond, and a $250 fee. The licenses are renewed every two years. Adjuster FAQ
Virginia Insurance Commissioner Jacqueline K. Cunningham sent a letter notifying property casualty insurers about specific requirements. The letter defined public adjusters as any “individual or business entity that receives a salary, fee, commission, or other compensation, either directly or indirectly, for investigating, negotiating, adjusting, or providing advice to an insured in relation to first party claims arising under insurance contracts that insure real or personal property of an insured with the purpose of effecting the settlement of a claim on behalf of the insured.” Cunningham letter
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