§ 15027.5. — 15027.5. (Added by Stats. 2005, Ch. 448, Sec. 16.)

California § 15027.5.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 5.: DIVISION 5. INSURANCE ADJUSTERS
• Ch. 2.: CHAPTER 2. Public Insurance Adjusters Act
• Art. 3.: ARTICLE 3. Regulation, Licensing, and Registration

Text

Any person acting as a public adjuster who has executed a contract as described in Section 15027 is the agent of the insured. While acting under the authority of such a contract, a public adjuster may not receive any fees or other consideration, monetary or otherwise, from either the insured or any other source, in excess of the amount or percentage provided in the contract. Any compensation received by the public adjuster from any party or any other source connected to the claim adjustment, including any contractor, insurer, or vendor, shall be disclosed by the public adjuster to the insured. The insured may rescind the contract if the adjuster fails to make the required disclosure or if the public adjuster’s receipt of any compensation from a third party conflicts with the interests of the insured.

Legislative History

Added by Stats. 2005, Ch. 448, Sec. 16. Effective January 1, 2006.