33-23-43.4. Proof of financial responsibility.

As a continuing condition of licensure, a public adjuster may, at the Commissioner’s discretion, file proof of financial responsibility with respect to transactions with insureds under this chapter in an amount determined by the Commissioner by rule. The financial responsibility shall include the ability to pay sums that the public adjuster is obligated to pay under any judgment against such adjuster by an insured, based on an error, omission, fraud, negligent act, or unfair practice of such adjuster or any person for whose acts such adjuster is legally liable in the transaction of such adjuster’s business under this Code section.#

In determining the amount of the financial responsibility requirement, the Commissioner shall consider the nature of the obligation, other financial security requirements under this Code section, and financial security requirements adopted for public adjusters in other states. In determining the types of financial responsibility required, the Commissioner may consider a surety bond or a professional liability policy or similar policy or contract of professional liability coverage acceptable to the Commissioner.#

The requirements of this Code section are in addition to the bond requirements of Code Section 33-23-6 and relevant rules and regulations promulgated by the Commissioner.#