Illinois Compiled Statutes 215 ILCS 5/1585 – Record retention
Current as of: 2024 | Check for updates
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(a) A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this Section shall include the following:
(1) name of the insured;
(2) date, location and amount of the loss;
(3) a copy of the contract between the public
(1) name of the insured;
Terms Used In Illinois Compiled Statutes 215 ILCS 5/1585
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(2) date, location and amount of the loss;
(3) a copy of the contract between the public
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adjuster and insured and a copy of the separate disclosure documents;
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(4) name of the insurer, amount, expiration date and
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number of each policy carried with respect to the loss;
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(5) itemized statement of the insured’s recoveries;
(6) itemized statement of all compensation received
(6) itemized statement of all compensation received
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by the public adjuster, from any source whatsoever, in connection with the loss;
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(7) a register of all monies received, deposited,
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disbursed, or withdrawn in connection with a transaction with an insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest bearing accounts;
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(8) name of public adjuster who executed the contract;
(9) name of the attorney representing the insured, if
(9) name of the attorney representing the insured, if
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applicable, and the name of the claims representatives of the insurance company; and
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(10) evidence of financial responsibility in a format
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prescribed by the Director.
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(b) Records shall be maintained for at least 7 years after the termination of the transaction with an insured and shall be open to examination by the Director at all times.
(c) Records submitted to the Director in accordance with this Section that contain information identified in writing as proprietary by the public adjuster shall be treated as confidential by the Director and shall not be subject to the Freedom of Information Act.
(c) Records submitted to the Director in accordance with this Section that contain information identified in writing as proprietary by the public adjuster shall be treated as confidential by the Director and shall not be subject to the Freedom of Information Act.