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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB2922 Introduced 2/4/2014, by Sen. William R. Haine SYNOPSIS AS INTRODUCED:
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Amends the Illinois Insurance Code to provide that a public adjuster may not charge, agree to, or accept any compensation, payment, commissions, fee, or other valuable consideration in excess of 10% of the amount of the insurance settlement claim paid by the insurer.
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| | A BILL FOR |
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| | SB2922 | | LRB098 17339 RPM 52435 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 1570 as follows:
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| 6 | | (215 ILCS 5/1570)
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| 7 | | Sec. 1570. Public adjuster fees. |
| 8 | | (a) A public adjuster shall not pay a commission, service |
| 9 | | fee, or other valuable consideration to a person for |
| 10 | | investigating or settling claims in this State if that person |
| 11 | | is required to be licensed under this Article and is not so |
| 12 | | licensed. |
| 13 | | (b) A person shall not accept a commission, service fee, or |
| 14 | | other valuable consideration for investigating or settling |
| 15 | | claims in this State if that person is required to be licensed |
| 16 | | under this Article and is not so licensed. |
| 17 | | (c) A public adjuster may pay or assign commission, service |
| 18 | | fees, or other valuable consideration to persons who do not |
| 19 | | investigate or settle claims in this State, unless the payment |
| 20 | | would violate State law.
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| 21 | | (d) A public adjuster may not charge, agree to, or accept |
| 22 | | any compensation, payment, commissions, fee, or other valuable |
| 23 | | consideration in excess of 10% of the amount of the insurance |