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Committee adopts changes to insurance continuing education and raises adjuster threshold to $2,000
Summary
The Senate Insurance Committee adopted an amendment and reported Senate Bill 40 with amendments. The bill reduces the biennial continuing-education requirement for property insurance licensees, adds annual legislative-update hours produced by the Department of Insurance at no cost, and raises the unlicensed-adjuster threshold from $500 to $2,000.
Senate Insurance Committee members adopted an amendment and reported Senate Bill 40 with amendments during a committee meeting where Senator Wheat presented the bill.
The bill changes continuing-education requirements for property insurance producers and agents and raises the threshold for when adjusters must be licensed. Under the amendment adopted in committee, the threshold for unlicensed adjuster activity is raised from $500 to $2,000. The committee voted to report the bill with those amendments.
Senator Wheat, who presented the measure, said the bill reduces the existing requirement of 24 hours of continuing education every two years to 22 hours, and "in place of that, we're gonna add back 2 additional hours, 1 each year," so that licensees will receive an annual, one-hour legislative-update course produced by the Department of Insurance. "That CE will be produced by the Department of Insurance, and so it will be an online course," Wheat said, and he added there would be no cost to licensees for that hour.
Beryl Peacock, Department of Insurance, told the committee the adjuster-threshold change "is a speed to repair to for minor damages to raise that for adjuster to be able to do that without being licensed," and confirmed the department's plan to post the legislative-update continuing-education course on its website.
The committee adopted an amendment (page 2, line 16) changing the numeric threshold from 500 to 2,000, and the chair moved to report the bill with amendments. With no objections, Senate Bill 40 was reported with amendments.
Discussion points recorded in the transcript emphasized (1) providing licensees an annual, department-produced legislative-update CE hour at no cost; and (2) increasing the dollar threshold for licensing of adjusters from $500 to $2,000 to allow adjusters to handle higher-cost minor repairs without a license.
The committee record shows the amendment was adopted on voice vote and the bill was reported with amendments. The transcript does not specify subsequent referral or next committee or floor schedule.
