Illinois HB3426 amends the Illinois Insurance Code to regulate public adjusters, including licensing, fee caps, and ethical conduct.
Illinois HB3426 amends the Illinois Insurance Code to regulate public adjusters, requiring them to be licensed and adhere to ethical standards. The bill sets a maximum fee of 10% of the insurance settlement claim for public adjusters, with exceptions requiring written approval from the Director. Public adjusters must provide written contracts detailing compensation, fees, and any financial interests.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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