State lawmakers devise new regulations for public insurance adjusters
Public insurance adjusters in Colorado are likely to face tougher regulations in the coming year. State lawmakers are currently debating a new bill that will institute strict regulations concerning the operations of public insurance adjusters throughout the state. The bill would provide the state’s Division of Insurance. with the authority to suspend or otherwise revoke the license of a public insurance adjuster, power that the state agency currently lacks, while also tasking the agency with the enforcement of several new regulations.
Adjusters win the favor of consumers throughout the state
Public insurance adjusters are widely used throughout Colorado by consumers; homeowners that wish to use a third party in order to make sure their claims are as thorough as possible. These adjusters typically charge fees for their services and help consumers throughout the claims process. These adjusters are popular because of their effort to help consumers receive fair treatment from their insurance providers. Colorado has proven to be a very lucrative market for public insurance adjusters, leading to a major influx of these professionals into the state.
Legislation would provide much needed regulatory structure
Lawmakers note that they are not targeting public insurance adjusters maliciously. The influx of these adjusters has been largely beneficial for state residents, especially those that have fallen victim to natural disasters in recent months. Legislators are eager, however, to ensure that there is a strong regulatory framework in place to ensure that these adjusters do not take advantage of state residents. Currently, there are not regulations concerning the rates adjusters may charge or any restrictions on solicitation.
Legislation likely to win approval in coming months
Colorado lawmakers are currently developing regulations concerning rate caps for public insurance adjusters working in the state. There is no information concerning this rate cap presently, but lawmakers are interested in working with adjusters to find some common ground concerning these fees. If successful, the legislation is expected to be enacted at some point in early 2013, with the Division of Insurance to begin enforcing new regulations shortly thereafter.