Illinois Public Adjuster Bond

IllinoisThe State of Illinois implemented a new bill regarding public adjusters within the state. The new bill, which is titled SB 660 conforms the present legislation to the new NAIC model legislation concerning public adjusters. SB 660 boosts the present surety bond required for such licensees from $5,000 to a minimum quantity of $20,000. The new bill also authorizes an irrevocable letter of credit to be utilized, which the previous law did not. The surety bond must be in favor of the State and the Director of Insurance is certified to make recovery on behalf of any individual suffering damages from flawed procedures, failure to act, conviction of fraud/unjust practices in their official capacity.