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Senate Commerce Committee Statement to Senate, No. 1320 (State of New Jersey, May 13, 2024)

Summary

Senate Commerce Committee statement to Senate, No. 1320, State of New Jersey, dated May 13, 2024. The committee reports favorably Senate Bill No. 1320, which provides that no licensee under the “Public Adjusters’ Licensing Act” has any right to compensation from an insured for services rendered as a public adjuster unless the contract stipulates certain information. The statement says the contract is to state the license number of the public adjuster, specify the services to be rendered, the compensation and the insured’s right to cancel or terminate, on a form prescribed by the Commissioner of Banking and Insurance. It says the bill requires a notice of right to cancel to be part of the contract and provides sample statements.

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Cite this document

“Senate Commerce Committee Statement to Senate, No. 1320 (State of New Jersey, May 13, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-05-13-scm-s1320-s1-9c41665c88/, SHA-256 5786e044359d380342c85ac3f962a62f586e5d2bed23c1c1cee35005fd65a8c4.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 1320

 STATE OF NEW JERSEY
                      DATED: MAY 13, 2024

    The Senate Commerce Committee reports favorably Senate Bill
No. 1320.
    This bill provides that no individual, firm, association, or
corporation licensed under the “Public Adjusters’ Licensing Act”
has any right to compensation from any insured for or on account of
services rendered to an insured as a public adjuster unless the
contract stipulates certain information.
    Under the bill, a contract is required to:
    (1) state the license number of the public adjuster signing the
contract and of the company or firm, if the contract is in the name
of a public adjusting company or firm;
    (2) specify or clearly define the services to be rendered, the
amount or extent of the compensation, and the insured’s right to
cancel or terminate the agreement, on a form and in language
prescribed by the Commissioner of Banking and Insurance; and
    (3) meet the minimum standards set forth in the bill regarding
certain descriptions of the services rendered and of the right to
cancel.
    The bill does not require a particular form of statement for the
descriptions of services rendered or of the right to cancel, but does
provide sample statements. The bill requires a notice of right to
cancel be part of the contract between the insured and the public
adjuster.
    This bill was pre-filed for introduction in the 2024-2025 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

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