A new law in Oklahoma imposes new regulations on the use of public adjusters in that state.
According to a release from Insurance Commissioner John Doak, some of the new rules specify that:
- An adjuster cannot charge a fee of more than 10% of a total non-commercial claim following a disaster;
- Adjusters must hold any insurance proceeds collected on behalf of a policyholder in a non-interest bearing account in a bank insured by the Federal Deposit Insurance Corporation; and
- Claim records must be kept for at least five years and are subject to inspection by the commissioner.
In addition, the release states that unauthorized adjusting practices will be considered a misdemeanor.
The law takes effect Nov. 1, 2015.
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