Prohibits individuals or entities with financial ties to public adjusters from performing services on related insurance claims and requires public.

New York A03048 amends the insurance law to prohibit individuals or entities that perform services, work, or repairs from doing so for insurance claims where a public adjuster has a financial or ownership interest. Public adjusters must disclose any such relationships to the insured. The bill also mandates that any compensation received by a public adjuster for referrals must be clearly disclosed. This law aims to ensure transparency and prevent conflicts of interest in insurance claim settlements.

Prohibits individuals or entities with financial ties to public adjusters from performing services on related insurance claims and requires public.

New York A03048 amends the insurance law to prohibit individuals or entities that perform services, work, or repairs from doing so for insurance claims where a public adjuster has a financial or ownership interest. Public adjusters must disclose any such relationships to the insured. The bill also mandates that any compensation received by a public adjuster for referrals must be clearly disclosed. This law aims to ensure transparency and prevent conflicts of interest in insurance claim settlements.