Iowa Admin. Code r. 191-55.18

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 191-55.18 - Public adjuster fees

(1) A public adjuster may charge the insured a reasonable fee for public adjuster services.

(2) A person shall not accept a commission, service fee or other valuable consideration for investigating or settling claims in this state if that person is required to be licensed under this chapter and is not so licensed.

(3) In the event of a catastrophic disaster, there shall be limits on catastrophic fees. No public adjuster shall charge, agree to or accept as compensation or reimbursement any payment, commission, fee, or other thing of value equal to or more than 10 percent of any insurance settlement or proceeds. No public adjuster shall require, demand or accept any fee, retainer, compensation, deposit, or other thing of value, prior to settlement of a claim, unless the loss is being handled by the public adjuster on a time-plus-expense basis.

Iowa Admin. Code r. 191-55.18

Amended by IAB November 4, 2020/Volume XLIII, Number 10, effective 12/9/2020