Starting January 1, 2013, public insurance adjusters will be allowed to assist policyholders in Virginia with their property insurance claims. Virginia, the birthplace of our nation, now joins the other 44 states that license public insurance adjusters.
According to the administrative announcement letter sent from the Commissioner of Insurance the law requires licensing of,
[A]ny 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 in relation 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.
The new Virginia Public Adjuster Guide spells out what will be required if you want to be a Virginia licensed public adjuster, and gives an explanation of the services.
A Public Adjuster means an individual or business entity who receives, either directly or indirectly, a salary, fee, commission, or other compensation for engaging in public adjusting.
Public adjusting means investigating, negotiating, adjusting or providing advice to an insured in relation to first party claims arising under insurance contracts that insure real or personal property of an insured for the purpose of effecting the settlement of a claim on behalf of the insured.
Virginia will require a pre-licensing exam for resident adjusters. Registration begins on November 1, 2012. The state will begin accepting electronic public adjuster applications on December 17, 2012.
The new code establishes standards for both resident and nonresident businesses or individuals who would like to adjust losses in Virginia.
All resident individual public adjuster applicants must:
- Pass the Virginia pre-licensing Public Adjuster examination,
- Obtain a Virginia Criminal History Record Report from the Virginia State Police,
- Pay a $250.00 non-refundable application processing fee,
- Meet the delineated continuing education (CE) requirements,
- Show evidence of a $50,000 bond and keep the bond.
Non-resident public adjusters must be:
- Be in good standing and currently licensed or otherwise authorized as a resident public adjuster in their home state,
- Pay a $250.00 non-refundable application processing fee
The CE requirements of resident adjuster do not apply to nonresident public adjuster licensees who have met the CE requirements of their home state.
To learn more about the new Virginia law licensing public insurance adjusters, tune in to the American Association of Public Insurance Adjusters’ (AAPIA) blog talk radio session with Gene Veno.