Full Text of SB2922 98th General Assembly
SB2922sam002 98TH GENERAL ASSEMBLY | Sen. William R. Haine Filed: 4/7/2014
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| 1 | | AMENDMENT TO SENATE BILL 2922
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2922, AS AMENDED, | 3 | | by replacing everything after the enacting clause with the | 4 | | following:
| 5 | | "Section 5. The Illinois Insurance Code is amended by | 6 | | changing Section 1570 as follows: | 7 | | (215 ILCS 5/1570)
| 8 | | Sec. 1570. Public adjuster fees. | 9 | | (a) A public adjuster shall not pay a commission, service | 10 | | fee, or other valuable consideration to a person for | 11 | | investigating or settling claims in this State if that person | 12 | | is required to be licensed under this Article and is not so | 13 | | licensed. | 14 | | (b) A person shall not accept a commission, service fee, or | 15 | | other valuable consideration for investigating or settling | 16 | | claims in this State if that person is required to be licensed |
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| 1 | | under this Article and is not so licensed. | 2 | | (c) A public adjuster may pay or assign commission, service | 3 | | fees, or other valuable consideration to persons who do not | 4 | | investigate or settle claims in this State, unless the payment | 5 | | would violate State law.
| 6 | | (d) A public adjuster may not charge, agree to, or accept | 7 | | any compensation, payment, commissions, fee, or other valuable | 8 | | consideration in excess of 10% of the amount of the insurance | 9 | | settlement claim paid by the insurer on any claim resulting | 10 | | from a catastrophic event, unless approved in writing by the | 11 | | Director. Application for exception to the 10% limit must be | 12 | | made in writing. The request must contain specific reasons as | 13 | | to why the consideration should be in excess of 10% and proof | 14 | | that the policyholder would accept the consideration. The | 15 | | Director must act on any request within 5 business days after | 16 | | receipt of the request. | 17 | | For the purpose of this subsection (d), "catastrophic | 18 | | event" means an occurrence of widespread or severe damage or | 19 | | loss of property producing an overwhelming demand on State and | 20 | | local response resources and mechanisms and a severe long-term | 21 | | effect on general economic activity, and that severely affects | 22 | | State, local, and private sector capabilities to begin to | 23 | | sustain response activities resulting from any catastrophic | 24 | | cause, including, but not limited to, fire, including arson | 25 | | (provided the fire was not caused by the willful action of an | 26 | | owner or resident of the property), flood, earthquake, wind, |
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| 1 | | storm, explosion, or extended periods of severe inclement | 2 | | weather as determined by declaration of a State of disaster by | 3 | | the Governor. This declaration may be made on a | 4 | | county-by-county basis and shall be in effect for 90 days, but | 5 | | may be renewed for 30-day intervals thereafter. | 6 | | (Source: P.A. 96-1332, eff. 1-1-11.)".
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