IA| The Iowa Insurance Division’s Bulletin 25-04 outlines the initial implementation of SF 619, which introduces new licensing requirements and regulations for public, independent, and staff adjusters, as well as appraisers and umpires, in response to increased insurance claims and costs from recent catastrophic weather events in Iowa. The bulletin details transitional processes for current practitioners, including modified licensing procedures and examination waivers for those with requisite experience, and raises the bond requirement for public adjusters from $20,000 to $50,000. It clarifies that staff adjuster licensure is optional, and provides pathways for those lacking experience to seek waivers or meet examination requirements. Criminal history check requirements are specified, with reciprocity provisions for out-of-state licensees who have already undergone such checks. These measures aim to ensure professional standards, reduce unnecessary claim costs and delays, and maintain consumer protection in Iowa’s insurance market.
Key Points:
- SF 619 establishes new licensure and regulatory standards for adjusters, appraisers, and umpires, with specific provisions for public, independent, and staff adjusters.
- The bond requirement for public adjusters increases to $50,000, applicable to both existing and new licensees as of July 1, 2025.
- Modified licensing and examination waivers are available until October 1, 2025, for current practitioners with qualifying experience; staff adjuster licensure remains optional.
- Individuals without requisite experience may apply for waivers or must meet examination requirements, with transitional provisions allowing continued service during application review.
- Criminal history check and reciprocity procedures are clarified to streamline licensure for out-of-state professionals and maintain regulatory compliance.