Section 304.9-435 - Records to be maintained by public adjusters(1) A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this section shall include the following: (a) The name of the insured;(b) The date, location, and amount of the loss;(c) A copy of the contract between the public adjuster and insured;(d) The name of the insurer and the amount, expiration date, and number of each policy carried with respect to the loss;(e) An itemized statement of the insured's recoveries;(f) An itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;(g) A register of all money received, deposited, disbursed, or insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest-bearing accounts;(h) The name of the public adjuster who executed the contract;(i) The name of the attorney representing the insured, if applicable, and the name of the claims representatives of the insurer; and(j) Evidence of financial responsibility, in a format prescribed by the commissioner.(2) An independent adjuster shall maintain a copy of each contract between the independent adjuster and the insurer or self-insurer and comply with the record retention policy as agreed to in the contract.(3) Records shall be maintained by a public adjuster for at least five (5) years after the termination of a transaction with an insured and shall be open to examination by the commissioner at all times.Effective:7/15/2010
Created 2010, Ky. Acts ch. 83, sec. 13, effective7/15/2010.