Public insurance adjusters to begin receiving licensing next year
Virginia insurance regulators are looking to license public adjusters to help manage the flow of claims that the state’s insurance companies receive as a result of natural disasters. The State Corporation Commission’s Bureau of Insurance is expected to begin issuing licenses for public insurance adjusters beginning early next year. Recent natural disasters have proven to generate a high number of claims. A limited number of insurance adjusters means that some of these claims could sit unresolved for extensive periods of time. Virginia is looking to ensure that consumers receive the services they need in an efficient manner.
Adjusters work on behalf of policyholders
Insurance adjusters are used throughout the insurance industry to evaluate and settle claims being made by homeowners and businesses that fall victim to natural disasters. Those that see extensive damage to property can choose to hire a public adjuster rather than rely on those hired by their insurance provider. These adjusters represent policyholders and appraise the damage caused by natural disasters and negotiate with insurance companies on behalf of the consumer. In some cases, public insurance adjusters can ensure that claims are resolved in a timely manner.
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New law required public adjusters to comply with state regulations and standards
A new law passed in Virginia will require public insurance adjusters to comply with ethics and education standards established by state regulators. The fees imposed by these adjusters must also align with the state’s regulations and will be tweaked until they are considered reasonable for the services being rendered for a policyholder. Per the law, state regulators will be able to revoke or suspend licenses issued to public insurance adjusters if they do not comply with the state’s standards, thus rendering them unable to work in the state of Virginia.
Natural disasters spike need for insurance adjusters
Over the past two years, natural disasters have displaced thousands of homeowners throughout the country. In 2011, Hurricane Irene caused widespread damage along the East Coast, causing approximately $19 billion in insured losses. Though 2012 has been relatively calm, many insurers hold the position that natural disasters are set to become more powerful in the near future, thus increasing the need for insurance regulators, both public and private.