HB 1555

Abstract

Amends the Illinois Insurance Code. In the Article concerning Public Insurance Adjusters, changes the definition of "Public Insurance Adjuster". Provides that no person may solicit or hold himself out to be in the business of adjusting insurance claims. Deletes provisions regarding the issuance of a Public Insurance Adjuster license. Provides that each Public Insurance Adjuster license shall contain the business address of the Public Insurance Adjuster and that the holder of license shall notify the Director of Insurance, in writing, of a change of business address within 30 days of the change. Provides that no person may engage in the business of adjusting insurance claims unless such person is licensed pursuant to the Article and registered with the Director. Provides that a Public Insurance Adjuster shall provide the insured with a document setting forth the scope, amount, and value of the damages prior to requesting the insured for authority to settling any loss. Provides that a Public Insurance Adjuster may not refer the insured to a contractor to perform fire restoration or repairs other than construction caused by the loss giving rise to the claim for which the Public Insurance Adjuster was retained. Provides that in all cases where the loss giving rise to the claim for which the Public Adjuster was retained arise from damage to a personal residence, the insurance proceeds shall be delivered to the named insured. Provides that neither a Public Insurance Adjuster nor any of his or her representatives must physically appear at the damaged premises during the first 3 business days following the loss-producing occurrence or the departure of the fire department or its representatives from the damaged premises, whichever is later. Provides certain limitations on the business ownership interests of Public Insurance Adjusters. Makes other changes.