Senate Bill No. 1270, also known as Public Act No. 25-106, introduces new regulations for public adjusters in relation to fees charged for their services. The bill stipulates that public adjusters are prohibited from charging or collecting fees if the insurer offers to pay the full policy limits within thirty days of a loss to a structure covered by a fire insurance policy. This aims to protect insured individuals from incurring unnecessary costs when the insurer is willing to settle the claim promptly.

Additionally, the bill modifies the basis on which public adjusters can charge fees. It specifies that any fee must be calculated solely on the amount of the settlement proceeds actually paid by the insurer for the loss, rather than the amount received by the insured. Furthermore, public adjusters are required to collect their fees only after the insurer has paid the settlement proceeds, ensuring that insured individuals are not financially burdened until they have received their due compensation.

Statutes affected:
Raised Bill:
INS Joint Favorable:
File No. 73:
Public Act No. 25-106: