California Senate Bill 488 is pending proposed legislation regarding regulation of Public Adjusters. It intends to make California regulations of Public Adjusters consistent with regulations in other states that have already made advances in consumer protection in this area. Similarly, it appears that the Bill would lead to enactment of regulations of Public Adjusters consistent with how Independent Adjusters are currently regulated in California. SB 488 appears to focus on Public Adjuster misconduct, without affecting any consumer protections Public Adjusters may provide. It seems that this Bill was proposed because some unscrupulous Public Adjusters have taken advantage of distressed policyholders in the wake of disasters. The Bill is apparently temperate and does not harm Public Adjusters as a whole, nor the consumers they properly represent. To the extent that the Bill regulates previously unregulated Public Adjusters for the first time – the consumer should clearly benefit.
To view the Bill in its entirety click HERE