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Oklahoma Enacts New Regulations on Public Adjusters

May 14, 2015 AAIS Advisory notice

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.

AAIS Advisory notices are posted periodically to announce AAIS product developments, and to provide news items that are relevant to our program users. Advisory notices are news summaries that paraphrase documents which should be consulted directly for complete, authoritative information. 

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