Virginia recently became the 45th state to license public adjusters, according to a notification letter issued by the Commissioner of Insurance, Jacqueline K. Cunningham, to property/casualty insurers.
The new law, effective Jan. 1, 2013, title 38.2 of the Code of Virginia, establishes standards for resident and nonresident businesses or individuals acting as public adjusters.
According to Cunningham’s letter, the licensing requirement applies to any individual or business entity that receives a salary, fee, commission or other compensation, either directly or indirectly, for investigating, negotiating, adjusting or providing advice to an insured relating to first party claims arising under insurance contracts that insure real or personal property of an insured with the purpose of effecting the settlement of a claim on behalf of the insured.
All public adjusters are required to meet pre-licensing requirements, according to the code which states:
All resident individual public adjuster applicants must:
(i) Pass the Virginia pre-licensing Public Adjuster examination,
(ii) Obtain a Virginia Criminal History Record Report from the Virginia State Police,
(iii) Pay a $250.00 non-refundable application processing fee,
(iv) Meet the delineated continuing education (CE) requirements,
(v) Show evidence of a $50,000 bond
Virginia requires licensed public adjusters to renew their licenses every 24 months. A minimum of 24 hours of CE courses, including three hours of ethics, along with a $15 process fee is required.
Non-resident public adjusters must be:
(i) Be in good standing and currently licensed or otherwise authorized as a resident public adjuster in their home state,
(ii) Pay a $250.00 non-refundable application processing fee
CE requirements do not apply to nonresident public adjuster licensees who have met the CE requirements of their home state.
The pre-licensing exam registration begins on Nov. 1 and the state will begin accepting electronic public adjuster applications on Dec. 17.
Was this article valuable?
Here are more articles you may enjoy.