W. Va. Code R. § 114-25-8

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-25-8 - Public Adjuster Records Maintenance

8.1. A public adjuster shall maintain a complete record of each transaction as a public adjuster including:

8.1.a. Name of the insured;

8.1.b. Date, location and amount of loss;

8.1.c. Copy of the contract between the public adjuster and the insured;

8.1.d. Name of the insurer, amount, expiration date and number of each policy carried with respect to the loss;

8.1.e. Itemized statement of the insured's recoveries;

8.1.f. Itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;

8.1.g. A register of all monies received, deposited, disbursed, or withdrawn in connection with a transaction with an insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest bearing accounts;

8.1.h. Name of the public adjuster who executed the contract;

8.1.i. Name of the attorney representing the insured, if any, and the name of the claims representatives of the insurance company; and

8.1.j. Evidence of financial responsibility in a format prescribed by the Commissioner.

8.2. Records of public adjusters must be maintained for at least five years after the termination of the transaction with an insured and shall be open to examination by the Commissioner at all times.

8.3. Records submitted to the Commissioner in accordance with this section that contain information determined to be proprietary by the Commissioner shall be treated as confidential by the Commissioner and shall not be subject to the public disclosure provisions of chapter twenty-nine-b of the Code.

W. Va. Code R. § 114-25-8