CS/CS/CS/HB 725 — Insurance Agents and Adjusters
by Economic Affairs Committee; Government Operations Appropriations Subcommittee; Insurance and Banking Subcommittee; and Rep. Hager (CS/SB 938 by Banking and Insurance Committee; and Senators Richter and Oelrich)
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Banking and Insurance Committee (BI)
The bill substantially revises the Licensing Procedures Law for insurance agents, adjusters, and limited lines licensees. The bill creates the new licensure classification of all-lines adjuster to replace the current licensure classifications of independent adjuster and company employee adjuster. The classifications of independent adjuster and all-lines adjuster are converted to appointment types for licensed all-lines adjusters.
The bill prohibits an employee or an agent or agency from initiating contact with any proposed insured for the purpose of soliciting title insurance unless the employee is licensed as a title insurance agent or exempt from such licensure. The bill also provides that failure to comply with any civil, criminal, or administrative action taken by child support enforcement program under Title IV-D of the Social Security Act is grounds for action against an applicant, licensee, or appointee.
The bill substantially revises the continuing education requirements for licensees. Each licensee will be required to complete a 5-hour update course every 2 years. The bill also revises licensure provisions related to a number of limited insurance licenses.
If approved by the Governor, these provisions take effect October 1, 2012, except as otherwise expressly provided in this act.
Vote: Senate 40-0; House 115-0