NCOIL adopts new public adjuster requirements for P&C committee

The Mannequin Act introduces complete requirements for public adjusters, together with necessary written contracts pre-approved by the commissioner earlier than service provision, written notifications of rights to insureds, stringent battle of curiosity guidelines, and restrictions on submitting complaints with out written consent from the insured.

It additionally stipulates fiduciary tasks for adjusters dealing with declare settlement funds and caps charges to fifteen% for non-catastrophic claims and 10% for catastrophic claims.

Sponsored by consultant Michael Meredith (KY), alongside co-sponsors consultant Matt Lehman (IN) and delegate Steve Westfall (WV), the Mannequin Act goals to boost the regulatory framework for public adjusters throughout states.

Moreover, the committee progressed discussions on the draft NCOIL Catalytic Converter Theft Prevention Mannequin Act, a collaboration between NCOIL president consultant Tom Oliverson, MD, (TX), and NCOIL secretary consultant Edmond Jordan (LA).

Consultant Forrest Bennett (OK), chair of the committee, highlighted the swift and efficient actions taken early in 2024, emphasizing the profitable adoption of the Mannequin Act and the constructive debate on catalytic converter theft prevention.

Suggestions throughout the Mannequin Act’s growth part got here from varied stakeholders, together with the American Affiliation of Public Insurance coverage Adjusters (AAPIA) and the Nationwide Insurance coverage Crime Bureau (NICB).

The Mannequin Act is ready for closing approval on the NCOIL Spring Assembly in Nashville.

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