Committee backs licensing, ethics and $50,000 bond requirement for public adjusters
House Bill 1174 would require licensing, impose fiduciary duties and financial responsibility standards for public adjusters and empower the Insurance Commissioner to set rules; the committee struck and amended language and reported the bill.
The full story
Central McMahon presented House Bill 1174 to the committee as a comprehensive public adjuster licensing measure. He summarized the bill's core provisions: licensing requirements, financial responsibility conditions, fiduciary duties, ethics provisions, penalties for misconduct and a required irrevocable surety bond of $50,000.
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