SB3505

SB3505 amends the Illinois Insurance Code to regulate public adjusters, including contract requirements, fee caps, and ethical standards.

SB3505 amends the Illinois Insurance Code to enhance regulations on public adjusters. It mandates that all contracts between public adjusters and insureds must be in writing and include specific details such as the adjuster's license number, the insured's information, and a description of the loss. The bill also sets a cap on fees, prohibiting public adjusters from charging more than 10% of the insurance settlement claim paid by the insurer for claims resulting from catastrophic events, unless approved by the Director.