Illinois Compiled Statutes 215 ILCS 5/1560 – Bond or letter of credit
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(a) Prior to the issuance of a license as a public adjuster and for the duration of the license, the applicant shall secure evidence of financial responsibility in a format prescribed by the Director through a surety bond or irrevocable letter of credit, subject to all of the following requirements:
(1) A surety bond executed and issued by an insurer
(1) A surety bond executed and issued by an insurer
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authorized to issue surety bonds in this State, which bond:
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(A) shall be in the minimum amount of $50,000;
(B) shall be in favor of this State and shall
Terms Used In Illinois Compiled Statutes 215 ILCS 5/1560
- Conviction: A judgement of guilt against a criminal defendant.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fraud: Intentional deception resulting in injury to another.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(B) shall be in favor of this State and shall
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specifically authorize recovery by the Director on behalf of any person in this State who sustained damages as the result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in his or her capacity as a public adjuster; and
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(C) shall not be terminated unless at least 30
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days’ prior written notice will have been filed with the Director and given to the licensee; and
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(2) An irrevocable letter of credit issued by a
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qualified financial institution, which letter of credit:
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(A) shall be in the minimum amount of $50,000;
(B) shall be to an account to the Director and
(B) shall be to an account to the Director and
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subject to lawful levy of execution on behalf of any person to whom the public adjuster has been found to be legally liable as the result of erroneous acts, failure to act, fraudulent acts, or unfair practices in his or her capacity as a public adjuster; and
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(C) shall not be terminated unless at least 30
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days’ prior written notice will have been filed with the and given to the licensee.
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(b) The issuer of the evidence of financial responsibility shall notify the Director upon termination of the bond or letter of credit, unless otherwise directed by the Director.
(c) The Director may ask for the evidence of financial responsibility at any time he or she deems relevant.
(d) The authority to act as a public adjuster shall automatically terminate if the evidence of financial responsibility terminates or becomes impaired.
(c) The Director may ask for the evidence of financial responsibility at any time he or she deems relevant.
(d) The authority to act as a public adjuster shall automatically terminate if the evidence of financial responsibility terminates or becomes impaired.