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Committee backs licensing, ethics and $50,000 bond requirement for public adjusters
Summary
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.
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.
"The insurance commissioner will establish those rules," Central McMahon said, describing the bill's delegation to the regulator for administrative rulemaking and implementation. The sponsor said the measure seeks transparency in adjuster contracts and accountability when adjusters handle claims.
Committee members took procedural actions to 'strike all' and later approved 'title sufficient to pass, strike all as amended.' The chair stated the bill "will be reported." The transcript does not include a recorded roll‑call vote or details of the amendments adopted under the 'strike all' motion.
The bill would place new regulatory requirements on public adjusters and give the Insurance Commissioner authority to adopt implementing rules; the transcript does not record a fiscal note or implementation timeline.
