Kentucky Statutes 304.9-435 – Records to be maintained by public adjusters
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(1) 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:
(a) The name of the insured;
(b) The date, location, and amount of the loss;
(c) A copy of the contract between the public adjuster and insured;
(d) The name of the insurer and the amount, expiration date, and number of each policy carried with respect to the loss;
(e) An itemized statement of the insured’s recoveries;
(f) An itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;
(g) A register of all money received, deposited, disbursed, or insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest-bearing accounts;
(h) The name of the public adjuster who executed the contract;
(i) The name of the attorney representing the insured, if applicable, and the name of the claims representatives of the insurer; and
(j) Evidence of financial responsibility, in a format prescribed by the commissioner.
(2) An independent adjuster shall maintain a copy of each contract between the independent adjuster and the insurer or self-insurer and comply with the record retention policy as agreed to in the contract.
(3) Records shall be maintained by a public adjuster for at least five (5) years after the termination of a transaction with an insured and shall be open to examination by the commissioner at all times.
Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 83, sec. 13, effective July 15, 2010.
Legislative Research Commission Note (7/15/2010). References to the “executive director” of insurance in subsections (1) and (3) of this section, as created by 2010
Ky. Acts ch. 83, sec. 13, have been changed in codification to the “commissioner” of insurance to reflect the reorganization of certain parts of the Executive Branch, as set forth in Executive Order 2009-535 and confirmed by the General Assembly in 2010
Ky. Acts ch. 24. These changes were made by the Reviser of Statutes pursuant to
2010 Ky. Acts ch. 24, sec. 1938.
(a) The name of the insured;
Terms Used In Kentucky Statutes 304.9-435
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- 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.
- Independent adjuster: means a person who:
(a) Is an independent contractor, an employee of an independent contractor, or for tax purposes is treated as an independent contractor under Subtitle C of the Internal Revenue Code, 26 U. See Kentucky Statutes 304.9-020 - Public adjuster: means any person who, for compensation or anything of value:
(a) Acts on behalf of an insured or aids an insured, solely in relation to first-party claims arising under insurance contracts that insure the real or personal property of the insured, in negotiating for, or effecting the settlement of, a claim for loss or damage covered by an insurance contract. See Kentucky Statutes 304.9-020 - Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(b) The date, location, and amount of the loss;
(c) A copy of the contract between the public adjuster and insured;
(d) The name of the insurer and the amount, expiration date, and number of each policy carried with respect to the loss;
(e) An itemized statement of the insured’s recoveries;
(f) An itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;
(g) A register of all money received, deposited, disbursed, or insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest-bearing accounts;
(h) The name of the public adjuster who executed the contract;
(i) The name of the attorney representing the insured, if applicable, and the name of the claims representatives of the insurer; and
(j) Evidence of financial responsibility, in a format prescribed by the commissioner.
(2) An independent adjuster shall maintain a copy of each contract between the independent adjuster and the insurer or self-insurer and comply with the record retention policy as agreed to in the contract.
(3) Records shall be maintained by a public adjuster for at least five (5) years after the termination of a transaction with an insured and shall be open to examination by the commissioner at all times.
Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 83, sec. 13, effective July 15, 2010.
Legislative Research Commission Note (7/15/2010). References to the “executive director” of insurance in subsections (1) and (3) of this section, as created by 2010
Ky. Acts ch. 83, sec. 13, have been changed in codification to the “commissioner” of insurance to reflect the reorganization of certain parts of the Executive Branch, as set forth in Executive Order 2009-535 and confirmed by the General Assembly in 2010
Ky. Acts ch. 24. These changes were made by the Reviser of Statutes pursuant to
2010 Ky. Acts ch. 24, sec. 1938.