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Va. regs to oversee public insurance adjusters soon

Tuesday - 10/30/2012, 10:09am  ET

RICHMOND, Va. - Virginia regulators will soon license public adjusters to help deal with insurance companies.

The State Corporation Commission's Bureau of Insurance is set to begin licensing and regulating public adjusters beginning next year.

Officials say that insurance companies provide adjusters to evaluate and settle claims made by homeowners and businesses. But if you've had a large loss, you may be contacted or consider hiring a public adjuster. They represent policyholders in appraising and negotiating insurance claims and are paid for their services by the policyholder.

As a result of a new law, public adjusters will be required to comply with standards of conduct and continuing education requirements. Their fees also must be fair and reasonable in relation to the work performed. Regulators also may suspend or revoke licenses under certain conditions.

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