A new law written in the state of Idaho enacts the NAIC public adjuster model legislation. The new law, SB 1397, requires substantiation of financial dependability through a surety bond or letter of credit. The surety bond must be at least $20,000, and it has to approve the Department of Insurance to make recovery on behalf of any individual who suffers damages following erroneous acts, a failure to act, or conviction of unfair practices/fraud as a public adjuster. The sureties are allowed to terminate the surety bond with 30 days written notice to the Department and the licensee. SB 1397 was enacted on March 18th, 2008.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.