Illinois Public Adjuster Bonds
Illinois Public Adjuster Bond Information
The Illinois Department of Insurance requires a Public Adjuster Surety Bond for those currently or about to become licensed to engage in the business of a Public Adjuster/Public Adjuster Business Entity pursuant to the Illinois Insurance Code. The surety bond obligates the principal to comply with all the provisions of the "Public Adjuster's Regulatory Act" and make a full accounting of business transactions as required under his license. The bond is continuous in form and may be terminated by the surety company through thirty days notice of its intention of termination to the Director, Department of Insurance, Springfield, Illinois.
What Does a Public Adjuster Bond Protect Against?
The Public Adjuster Surety Bond ensures that the bonded public adjuster properly accounts for all payments due to the third parties entitled such funds in regard to transactions under the adjuster's license. Furthermore, the surety bond provides a limited guarantee that the bonded principal will faithfully comply with the provisions of the Illinois Public Adjuster's Regulatory Act.
Getting Your Illinois Business License or Registration
- Complete examination and pay the fee to the State of Illinois including the administrative fee.
- Submit license application form (PA-1) with application check payable to the Director of Insurance
- Provide evidence of financial responsibility in the amount of $20,000 in the form of a surety bond or letter of
irrevocable letter of credit.
- Get fingerprinted by an Illinois approved Live Scan Fingerprint Vendor. No license will be issued until the Department receives the results from the Illinois
- Comply with the provisions of Administrative Rule 3118, requiring filing of contract and rate schedule of charges, and letter of submission, with the Illinois Department of Insurance.