Illinois 2023-2024 Regular Session

Illinois Senate Bill SB1495

Introduced
2/7/23  
Refer
2/7/23  
Refer
2/14/23  
Report Pass
3/8/23  
Engrossed
3/29/23  
Refer
3/30/23  
Refer
4/18/23  
Report Pass
4/25/23  
Enrolled
5/11/23  
Chaptered
6/30/23  

Caption

INS-PUBLIC ADJUSTERS/VARIOUS

Impact

The introduction of SB1495 significantly impacts the ability of public adjusters to operate within Illinois, as it stipulates necessary licensing and compliance measures. This includes a requirement for public adjusters to secure evidence of financial responsibility through surety bonds or letters of credit, intended to protect consumers from potential losses due to unethical practices. It aims to foster a more trustworthy environment in which public adjusters operate, thereby safeguarding the interests of the insured parties.

Summary

SB1495 is a legislative act aimed at regulating public adjusters in Illinois. The bill amends provisions of the Illinois Insurance Code to enhance the standards of conduct for public adjusters, requiring them to be licensed and adhere to strict ethical guidelines. Specifically, it emphasizes the importance of transparency in contracts and financial dealings between public adjusters and their clients, ensuring that consumers are fully informed of their rights and the terms of the engagement for adjusting claims.

Sentiment

The sentiment surrounding SB1495 has been largely positive among consumer advocacy groups and some lawmakers, who view the bill as a necessary step towards safeguarding the interests of insurance policyholders. However, there are concerns raised by some in the public adjusting community that the additional regulatory burdens may limit their ability to effectively negotiate claims. The discussion indicates a delicate balance between protecting consumers and ensuring that public adjusters can operate without excessive restrictions.

Contention

Notable points of contention include the mandated disclosure requirements for public adjusters regarding any financial interests in third-party firms involved in claims, and the stipulation that contracts be executed under specific guidelines to ensure clarity. Critics argue that while these measures aim to eliminate conflicts of interest and potential fraud, they may also complicate the operation of public adjusters by adding layers of administrative compliance.

Companion Bills

No companion bills found.

Previously Filed As

IL HB3771

INS CD-PUBLIC ADJUSTERS

IL HB3426

INS CD-PUBLIC ADJUSTERS & FEES

IL HB4555

TITLE INSURANCE-VARIOUS

IL HB2449

TITLE INSURANCE-VARIOUS

IL S0196

Insurance Adjusters

IL SB1899

TITLE INSURANCE-VARIOUS

IL HB2337

PUBLIC SAFETY-VARIOUS

IL HB3701

INS-TITLE INSURANCE/VARIOUS

IL HB4336

PUBLIC SAFETY-VARIOUS-PENSIONS

IL HB1045

PUBLIC SAFETY-VARIOUS-PENSIONS

Similar Bills

SC S0196

Insurance Adjusters

IL HB3426

INS CD-PUBLIC ADJUSTERS & FEES

IL HB3771

INS CD-PUBLIC ADJUSTERS

IN HB1329

Insurance matters.

MI SB0245

Insurance: insurers; processing of a claim; modify duties. Amends secs. 2005, 2006, 2026 & 2049 of 1956 PA 218 (MCL 500.2005 et seq.) & adds sec. 2005b & ch. 30B.

TX SB1213

Relating to consumer protections in the purchase of life settlement contracts; imposing penalties.

AK HB148

Omnibus Insurance Bill

AK SB132

Omnibus Insurance Bill