All public adjusters conducting business in Virginia must be licensed starting Jan. 1, 2013. The law applies to both resident and non-resident adjusters.
Resident adjusters are required to post a surety bond of $50,000.
The law, passed during Virginia’s 2012 legislative session, makes the state the 45th to require licenses and set standards for public insurance adjusters.
Licenses will be issued by the State Corporation Commissions Bureau of Insurance. As a result of the new law, public adjusters will have to comply with conduct standards and continuing education requirements. Public adjusters also will have to charge fees that are fair and reasonable in relation to the work performed.
Licensing requirements include an exam for resident adjusters, with 24 hours of continuing education every two years, a criminal background check, certification of a $50,000 bond, and a $250 fee. The licenses are renewed every two years.