Last Action | 03/17/23: signed by Governor (Acts Ch. 11) |
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Title | AN ACT relating to insurance adjusters. |
Bill Documents |
Acts Chapter 11
Current/Final Introduced |
Bill Request Number | 1207 |
Sponsors | R. Duvall, M. Meredith, D. Bentley |
Summary of Original Version | Amend KRS 304.9-430 and 304.9-433 to increase the minimum financial responsibility requirements for independent, staff, and public adjuster licenses; amend the definition of "home state"; establish requirements for public adjuster contracts with insureds; make technical corrections; create new sections of Subtitle 9 of KRS Chapter 304 to establish requirements for public adjusters relating to notice rights, inspection and investigation of claims, and conflicts of interest; establish requirements relating to funds received, accepted, or held by public adjusters; establish fee requirements for public adjusters; amend KRS 304.9-440 to establish additional penalties for public adjusters and public adjuster apprentices; provide that the commissioner may promulgate administrative regulations necessary for or as an aid to the effectuation of any provision of the Act. |
Index Headings of Original Version |
Insurance - Adjusters, regulatory requirements Licensing - Insurance, insurance adjusters State Agencies - Department of Insurance, administrative regulations, insurance adjusters Technical Corrections - Insurance adjusters Administrative Regulations and Proceedings - Commissioner, Department of Insurance, insurance adjusters Contracts - Insurance, public adjusters, requirements |
Jump to Proposed Amendments |
House Committee Substitute 1 Senate Committee Substitute 1 Senate Floor Amendment 1 Senate Floor Amendment 2 Senate Floor Amendment 3 |
Votes | Vote History |
02/09/23 |
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02/14/23 |
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02/22/23 |
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02/23/23 |
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02/24/23 |
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02/28/23 |
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03/01/23 |
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03/03/23 |
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03/07/23 |
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03/08/23 |
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03/10/23 |
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03/13/23 |
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03/14/23 |
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03/15/23 |
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03/16/23 |
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03/17/23 |
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Amendment | House Committee Substitute 1 |
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Summary | Retain original provisions, except provide that a public adjuster may charge a reasonable fee not to exceed 10% of the total insurance recovery of the insured; make technical corrections. |
Index Headings |
Fees - Insurance, public adjusters, requirements Insurance - Public adjuster, fees Technical Corrections - Insurance, public adjusters, requirements |
Amendment | Senate Committee Substitute 1 |
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Summary | Retain original provisions, except provide that certain language is not to be construed to prohibit a public adjuster from being copied on direct correspondence; require a reasonable request by an insurer before a public adjuster or insured is required to allow the insurer access to property without the participation or presence of the public adjuster or insured; delete language relating to acceptance of funds; delete language relating to submitting funds for collection; establish a maximum fee of 15% of the total insurance recovery of the insured for noncatastrophic claims. |
Index Headings |
Insurance - Adjusters, regulatory requirements Licensing - Insurance, adjusters Administrative Regulations and Proceedings - Department of Insurance, Commissioner, insurance adjusters Contracts - Insurance, public adjusters, requirements |
Amendment | Senate Floor Amendment 1 |
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Sponsor | P. Wheeler |
Summary | Establish maximum fees for public adjusters relating to noncatastrophic claims. |
Index Headings |
Contracts - Insurance, public adjusters Fees - Insurance, public adjusters, requirements Insurance - Public adjusters, fees |
Amendment | Senate Floor Amendment 2 |
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Sponsor | P. Wheeler |
Summary | Establish maximum fees for public adjusters relating to noncatastrophic claims. |
Index Headings |
Contracts - Insurance, public adjusters Fees - Insurance, public adjusters, requirements Insurance - Public adjuster, fees |
Amendment | Senate Floor Amendment 3 |
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Sponsor | J. Howell |
Summary | Allow the commissioner of the Department of Insurance to approve public adjuster contract forms that allow the adjuster to be compensated for services performed prior to the execution of a written contract in emergency circumstances; require a public adjuster to be copied on correspondence with the insured relating to a claim; require an insured to allow the insurer to have access to property without the presence or participation of a public adjuster in certain circumstances. |
Index Headings |
Contracts - Public adjusters, requirements Insurance - Public adjusters, regulatory requirements |
Last updated: 11/9/2023 3:03 PM (EST)