Rhode Island’s Insurance Superintendent Joseph Torti III issued a bulletin this week on transitioning to new license categories for adjusters.
“Effective Jan. 1, 2015 the Rhode Island Insurance Claim Adjuster statute has been amended,” Superintendent Torti wrote in Insurance Bulletin 2014-8 on Dec. 22.
“R.I. Gen. Laws § 27-10 now provides that Rhode Island will issue three distinct adjuster licenses. Those licenses are (1) company adjuster (2) independent adjuster and (3) public adjuster,” according to the bulletin. Public, independent and company adjuster licenses cannot be held simultaneously.
The bulletin noted that all persons applying for an adjuster license after Jan. 1, 2015 will select from one of these three categories and apply for that license type. All currently licensed adjusters will be required to select one of the categories on renewal.
The bulletin also said non-resident adjuster licenses will be reciprocal with all states. Individual licenses will be issued based on reciprocity of the licensee’s “DHS” (Designated Home State). The licensee will be issued a Rhode Island license based on the type of adjuster license and “LOA” (Lines of Authority) held in the DHS.
The following is a copy of the Insurance Bulletin 2014-8.
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