R.I. Begins Issuing 3 Distinct Adjuster Licenses

Rhode Island’s Insurance Superintendent Joseph Torti III issued a bulletin on Dec. 22 on the Ocean State transitioning to new license categories for adjusters.

“Effective Jan. 1, 2015 the Rhode Island Insurance Claim Adjuster statute has been amended,” Superintendent Torti wrote in Insurance Bulletin 2014-8.

“R.I. Gen. Laws § 27-10 now provides that Rhode Island will issue three distinct adjuster licenses. Those licenses are (1) company adjuster (2) independent adjuster and (3) public adjuster,” according to the bulletin. Public, independent and company adjuster licenses cannot be held simultaneously.

The bulletin said all persons applying for an adjuster license after Jan. 1, 2015, will select from one of the three categories and apply for that license type.

All currently licensed adjusters will be required to select one of the categories on renewal. By selecting the new license type, adjusters would be renewing the existing license as well as transitioning the license into one of the three license categories.

Renewal applicants will not be required to take an exam.

The bulletin also said non-resident adjuster licenses will be reciprocal with all states. Individual licenses will be issued based on reciprocity of the licensee’s “DHS” (Designated Home State).

The licensee will be issued a Rhode Island license based on the type of adjuster license and “LOA” (Lines of Authority) held in the DHS.

Most states currently provide distinct categories for adjusters, according to the Property Casualty Insurers Association of America. The National Association of Insurance Commissioners (NAIC) also has model acts for both public and independent adjusters.