(a) A public adjuster shall maintain complete records of each transaction as a public adjuster. The records required by this section shall include the following:

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Terms Used In Tennessee Code 56-6-916

  • Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-6-902
  • 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.
  • Public adjuster: means any person, other than someone who is employed by an insurance carrier, who, for compensation or any other thing of value, on behalf of the insured:
    (i) Acts or aids, solely in relation to first party claims arising under insurance contracts that insure the real or personal property of the insured on behalf of an insured, in investigating, verifying, substaining, estimating, appraising, determining, presenting, and discussing the value of the claim, and effectuating the resolution of a claim for loss or damage covered by an insurance contract. See Tennessee Code 56-6-902
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(1) Name of the insured;
(2) Date, location and amount of the loss;
(3) Copy of the contract between the public adjuster and insured;
(4) Name of the insurer and, if available, amount, expiration date and number of each policy carried with respect to the loss;
(5) Itemized statement of the insured’s recoveries;
(6) Itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;
(7) A register of all moneys received, deposited, disbursed, or withdrawn in connection with a transaction with an insured, including fees transfers and disbursements from a trust account and all transactions concerning all interest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;
(8) Name of public adjuster who executed the contract;
(9) Name of the attorney representing the insured, if applicable, and the name of the claims representatives of the insurance company; and
(10) Evidence of financial responsibility in a format prescribed by the commissioner.
(b) Records of transactions as a public adjuster shall be maintained for at least five (5) years after the termination of the transaction with an insured and shall be open to examination by the commissioner at all times.
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