HB 4875

Abstract

Amends the Illinois Insurance Code. Provides that a public adjuster shall provide a written contract between the public adjuster and an insured to the insured's designated property and casualty insurer within one business day after the contract is signed. Provides that the insurer has 5 business days to review the contract. Provides that the written contract between a public adjuster and an insured is deemed executed once the insurer receives the contract and it is on the contract form filed with and approved by the Director of Insurance. Provides that a public adjuster shall not provide services until the 5-business-day period after the insurer has received the contract has elapsed or the public adjuster is notified by the insured to proceed. Removes a provision that provides that a public adjuster shall not provide services until a written contract with the insured is executed, on a form filed with and approved by the Director. Repeals the Public Insurance Adjusters and Registered Firms Article of the Illinois Insurance Code. Effective immediately.