Comments: IL SB1495 | 2023-2024 | 103rd General Assembly

Illinois Senate Bill 1495

Bill Title: Reinserts the provisions of the amended bill with the following changes. Further amends the Illinois Insurance Code. Provides that all contracts entered into that are in violation of provisions concerning public adjuster licensure and provisions concerning a contract between a public adjuster and an insured are void and invalid. In provisions concerning public adjuster fees, provides that if the loss giving rise to the claim for which the public adjuster was retained arises from damage to property that is anything but a personal residence, a public adjuster may not charge, agree to, or accept any compensation, payment, commission, fee, or other valuable consideration in excess of 10% of the amount of the insurance settlement claim paid by the insurer on any claim resulting from a catastrophic event, unless approved in writing by the Director of Insurance. Provides that if the loss giving rise to the claim for which the public adjuster was retained arises from damage to a personal residence, a public adjuster may not charge, agree to, or accept any compensation, payment, commissions, fee, or other valuable consideration in excess of 10% of the amount of the insurance settlement claim paid by the insurer on any claim. Provides that a public adjuster shall provide the insurer or its authorized representative for receiving notice of loss or damage with an exact copy of the contract with the insured by email no later than 5 business days after execution of the contract (rather than by email after execution of the contract). Removes language providing that a public adjuster shall not act in the place and instead of the insured. Removes provisions concerning associated contractors, scope of damages, and written disclosures. Makes other changes.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2023-06-30 - Public Act . . . . . . . . . 103-0216 [SB1495 Detail]

Text: Latest bill text (Chaptered) [HTML]