98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1411

 

Introduced 2/6/2013, by Sen. William R. Haine

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 5/1570

    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.


LRB098 02750 RPM 32758 b

 

 

A BILL FOR

 

SB1411LRB098 02750 RPM 32758 b

1    AN ACT concerning insurance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 1570 as follows:
 
6    (215 ILCS 5/1570)
7    Sec. 1570. Public adjuster fees.
8    (a) A public adjuster shall not pay a commission, service
9fee, or other valuable consideration to a person for
10investigating or settling claims in this State if that person
11is required to be licensed under this Article and is not so
12licensed.
13    (b) A person shall not accept a commission, service fee, or
14other valuable consideration for investigating or settling
15claims in this State if that person is required to be licensed
16under this Article and is not so licensed.
17    (c) A public adjuster may pay or assign commission, service
18fees, or other valuable consideration to persons who do not
19investigate or settle claims in this State, unless the payment
20would violate State law.
21    (d) A public adjuster may not charge, agree to, or accept
22any compensation, payment, commissions, fee, or other valuable
23consideration in excess of 10% of the amount of the insurance

 

 

SB1411- 2 -LRB098 02750 RPM 32758 b

1settlement claim paid by the insurer.
2(Source: P.A. 96-1332, eff. 1-1-11.)