Date Enacted: May 4, 2015
Date Effective: November 1, 2015
Oklahoma has recently made changes to license bond laws for public insurance adjusters. The changes come as a protection for storm victims in this Tornado Alley state. According to a recent article in Insurance Journal, Oklahoma’s Insurance Commissioner John D. Doak states SB 439 attempts to protect Oklahoma storm victims, and ensure transparency and accountability in the insurance adjusting process. The amendment also increases bond amounts for public adjusters. Are you up to date with the changes? Read on to learn more about what revisions have been made and how they may affect you. Plus, learn how to get your Oklahoma Public Adjuster’s Bond before the bill comes into force!
How Do These Amendments Affect You?
If you are a public insurance adjuster, you will now pay more for your bonds. In the past, a license bond of $10,000 was required. When the revisions take effect, the bond amount will increase to $25,000.
What is a Surety Bond?
A surety bond is a type of insurance. It doesn’t protect the bond holder, but rather the public at large (consumers or the government). This really depends on who the particular business serves. Businesses are required to purchase the bond, and claims can be made against it if there is a breach of contract or other legal violation. While the bond may pay damages, you will still have to pay the surety bond company for the claim. When you have claims against you, you risk your reputation and your profits.
How to Get and File a Public Adjuster License Bond
The bonding process is simple and easy. First, get a license application from the State of Oklahoma Insurance Commission. Then, apply for your public adjuster license bond. Once you get your approval, simply send your bond and your application to the State of Oklahoma Insurance Commissioner.
Read the full Oklahoma Public Adjusters License Bond Bill for more details.
< ??>Do you think the amendments will help protect consumers or hurt small business?