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Property & Casualty 2008 Compliance Conference

Property & Casualty 2008 Compliance Conference. Compliance with Texas Agent/ Adjuster Licensing Laws and Regulations. Introductions. Amanda MacLennan, Staff Attorney Policy Development Counsel Matt Ray, Deputy Commissioner Licensing Division Life, Health and Licensing Program. Outline.

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Property & Casualty 2008 Compliance Conference

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  1. Property & Casualty 2008Compliance Conference

  2. Compliance with Texas Agent/ Adjuster Licensing Laws and Regulations

  3. Introductions • Amanda MacLennan, Staff Attorney • Policy Development Counsel • Matt Ray, Deputy Commissioner • Licensing Division • Life, Health and Licensing Program

  4. Outline • Public Adjusters • History and Additional Regulations • Definitions and Authority • Limits on Compensation – 10% • Obligations to insurer / Insurer payment duties • Increased Presence in Texas • Continuing Education Compliance – Automated • Electronic Resident Applications • Electronic Fingerprinting – L1 Identity Solutions • Compliance Express – www.Sircon.com

  5. History • Public Insurance Adjusters Act • SB 127, 78th Legislature (2003) • Purpose: protect consumers from unfair stigmatization due to residential property claims and from unethical behavior • Currently codified in Chapter 4102 of the Texas Insurance Code (TIC)

  6. Additional Regulations • Rules • Adopted in 2003 • 28 Texas Administrative Code §§19.701 – 19.713

  7. Who is a public insurance adjuster (PIA)? • Defined in the TIC §4102.001—A person who: • Acts on behalf of the insured in negotiating the settlement of a claim for real or personal property • Investigates, settles, adjusts or advises an insured on a claim on behalf of any other public insurance adjuster • Advertises, solicits business, or holds himself or herself out to the public as an adjuster of claims

  8. What authority does a PIA have? • TIC §4102.101 • Authority to adjust claims on behalf of insureds for fire and allied coverages, burglary, flood, and all other property claims, both real and personal, including loss of income, but only when the client is an insured under the insurance policy

  9. Limits on compensation • TIC §4102.104 • PIA’s total commission may not exceed 10 percent of the amount of the insurance settlement on the claim • PIA may not receive a commission based on a percentage of the total claim amount if the insurer, not later than 72 hours after the date on which the loss is reported to the insurer, either pays or commits in writing to pay to the insured the policy limits in accordance with the TIC §862.053

  10. PIA’s obligations in acting on insured’s behalf • TIC §4102.102 & §4102.103 • PIA has to prepare claims in accordance with the terms and conditions of the insurance contract • PIA must have written contract with the insured

  11. Insurer’s payment obligations • TIC §4102.104(c) • Include the insured as a payee on the payment draft or check; and • Require the written signature and endorsement of the insured on the payment draft or check

  12. Continuing Education Compliance – Automated • Electronic Roster Reporting since Feb 2009 • Electronic CE Provider Registration • Electronic CE Course Registration • Automated Search of Available Courses • Online individualized report on course completions for licensees

  13. Electronic Resident Applications • Online Applications – Coming in May 2010 • Starting with: • Property and Casualty • Personal Lines • Increased speed and accuracy

  14. Compliance Express – www.Sircon.com • Online status of individual license – input: • License Number • Last Name • Individual Roster of CE and Training Completions

  15. www.sircon.com Continuing Education Transcript Requirements General Lines Agent

  16. www.sircon.com

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