S1557

An Act concerning licensed public adjusters and amending P.L.1993, c.66.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1. Section 9 of P.L.1993, c.66 (C.17:22B-9) is amended to read as follows:

9. For applications made during the first year of operation of this act, there shall be paid to the commissioner by each individual applicant and by each proposed sublicensee a fee of $300 for an initial license term of four years. Thereafter, the commissioner may adjust the amount of the license fee to produce revenues sufficient to support the regulatory obligations imposed on the department by this act. The [commissioner may also prescribe by rule or regulation the] term of all public adjuster licenses shall be for a period of two years. The commissioner shall refund to the applicant or proposed sublicensee the fee paid if the application is denied.

(cf: P.L.1993, c.66, s.9)

2. Section 10 of P.L.1993, c.66 (C.17:22B-10) is amended to read as follows:

10. Every adjuster's license issued pursuant to this act may be renewed for a two-year period upon the filing of an application in conformity with section 6 of this act, which shall include proof of completion of continuing education requirements as established by this section.

a. The commissioner shall require every individual licensed as a public adjuster, and each sublicensee of a licensed adjuster that is a corporation, firm or association, as a condition of biennial license renewal pursuant to this section, to complete not less than 15 hours of continuing education. Each hour of instruction shall be equivalent to one credit.

b. The commissioner shall:

(1) establish standards for the continuing education of public adjusters, including the subject matter and content of courses of study;

(2) approve educational programs offering continuing education credits and the qualification of instructors; and

(3) approve other equivalent educational programs and establish procedures for the issuance of credit upon satisfactory proof of the completion of these programs.

c. The commissioner may, in his discretion, waive requirements for continuing education on an individual basis for reasons of hardship such as illness or disability, retirement of the license, or other good cause.

d. The commissioner may, in his discretion, waive the continuing education requirements set forth in subsection a. of this section for a public adjuster who is a non-resident licensee if the commissioner deems that such licensee has satisfactorily completed continuing education requirements for licensed public adjusters in the state in which he resides that are equivalent to New Jersey continuing education requirements.

(cf: P.L.1993, c.66, s.10)

3. This act shall take effect on the 180th day next following enactment, and shall apply to all license renewals submitted on or after that date.

STATEMENT

This bill stipulates that the term of all public adjuster licenses shall be for a period of two years and that a licensed public adjuster may renew that license biennially. The bill also requires every licensed public adjuster to complete not less than 15 hours of continuing education every two years as a condition of renewal of that license. Each hour of instruction would be equivalent to one credit. Currently, the term of a license is four years, in accordance with regulations adopted by the Commissioner of Banking of Insurance. As provided in the bill, the continuing education requirement applies to individual licensed public adjusters and each sublicensee of a licensed adjuster that is a corporation, firm or association.

Under the bill, the commissioner is authorized to:

(1) establish standards for the continuing education of public adjusters, including the subject matter and content of courses of study;

(2) approve educational programs offering continuing education credits and the qualification of instructors; and

(3) approve other equivalent educational programs and establish procedures for the issuance of credit upon satisfactory proof of the completion of these programs.

The commissioner may, in his discretion, waive requirements for continuing education on an individual basis for reasons of hardship such as illness or disability, retirement of the license, or other good cause. In addition, the commissioner may, in his discretion, waive the continuing education requirements set forth in this bill for a public adjuster who is a non-resident licensee if the commissioner deems that such licensee has satisfactorily completed continuing education requirements for licensed public adjusters in the state in which he resides that are equivalent to New Jersey continuing education requirements.