California Insurance Code

§ 15028.7

INS § 15028.7 Effective Jan 1, 2006Div. 5 · Ch. 2 · Art. 3

Statute text

(a)A public adjuster who receives, accepts, or holds any funds on behalf of an insured towards the settlement of a claim for loss or damage shall deposit the funds in a non-interest-bearing escrow or trust account in a financial institution that is insured by an agency of the federal government in the adjuster’s home state or the state where the loss occurred.

(b)All funds held in an escrow or trust account shall be the property of the insured and shall be held pursuant to a written contract signed by the insured and the public adjuster.

(c)A public adjuster who receives any fiduciary funds shall, within 15 business days of receipt, deposit the funds in the escrow account and provide a written statement to the insured showing the amount of funds received and deposited in escrow.

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Legislative history

Added by Stats. 2005, Ch. 448, Sec. 17. Effective January 1, 2006.