This bill amends the Code of West Virginia to establish comprehensive regulations for public adjusters, focusing on definitions, licensure, and conduct standards. It introduces new terms such as "catastrophic disaster" and "emergency adjuster," and outlines the requirements for public adjuster licensing, including application processes, fingerprinting for criminal history checks, and the necessity for business entities to obtain a public adjuster license. The bill also sets forth the eligibility criteria for individual public adjusters, including age and examination requirements, while allowing exemptions for those previously licensed in other states and establishing reciprocity for nonresident adjusters.

Additionally, the legislation mandates that public adjusters maintain financial responsibility through surety bonds or letters of credit, limits their fees to a maximum of 10% of any insurance claim settlement, and requires written contracts with insured parties. It emphasizes ethical conduct by prohibiting solicitation during loss events and misleading statements, while also mandating record-keeping for at least five years. The bill ensures that only licensed public adjusters can engage with insured individuals, thereby enhancing transparency and accountability within the profession.

Statutes affected:
Introduced Version: 33-12B-1, 33-12B-2, 33-12B-3, 33-12B-5a, 33-12B-5b, 33-12B-5c, 33-12B-5d, 33-12B-5e, 33-12B-5f, 33-12B-5g, 33-12B-16, 33-12B-17, 33-12B-18, 33-12B-19, 33-12B-20, 33-12B-21