§ 27-1-27-18 — If insurer pays policy limit within five business days

Indiana § 27-1-27-18

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 27: Public Adjusters

Text

(a) This section applies notwithstanding the
terms of a written contract between an insured and a public adjuster.
(b) If the insurer, not more than five (5) business days after the date
on which the insured's loss is reported to the insurer, either pays or
commits in writing to pay to the insured the policy limit of the
insurance policy covering the insured:
(1) the public adjuster shall not receive a commission consisting
of or based on a percentage of the total amount paid by the insurer
to resolve the claim of the insured;
(2) the public adjuster shall inform the insured that the loss
recovery amount might not be increased by the insurer; and
(3) the public adjuster is entitled only to reasonable compensation
from the insured for services provided by the public adjuster on
behalf of the insured, based on:
(A) the time spent by the public adjuster on the claim; and
(B) the expenses incurred by the public adjuster before the
claim is paid or the insured receives a written commitment from
the insurer to pay the claim.

Legislative History

As added by P.L.226-2023, SEC.13.