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HB 491 | Property Insurance Appraisal Umpires and Property Insurance Appraisers, SB 744 (Richter)

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Creates property insurance appraisal umpire licensing program & property insurance appraiser licensing program.  The governing body of the licensure will establish fees, provide licensing structure & continuing education requirements, provide grounds for compulsory refusal, suspension, or revocation of license, and provide ethical standards for all members.

Effective Date: July 1, 2015

Last Event: Passed the house floor 99 Yays – 14 Nays

Bill Text: Original Files Version

 

Summary

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CURRENT LAW There is currently no law that mandates the licensing of property insurance appraisers and property insurance appraisal umpires through the DBPR. Furthermore, current property insurance appraisal disputes have no official negotiation paths outside the court system should property appraisers fail to come to an agreement.

PROPOSAL Creates property insurance appraisal umpire licensing program & property insurance appraiser licensing program.  The governing body of the licensure will establish fees, provide licensing structure & continuing education requirements, provide grounds for compulsory refusal, suspension, or revocation of license, and provide ethical standards for all members.

DAMAGES BY LACK OF REGULATION Currently, parties involved are not guaranteed that property insurance appraisers are qualified of performing tasks required. Furthermore, lack of regulatory law with regards to property insurance appraisers has led to frequent breakdowns in communication between appraisers and parties involved. These breakdowns have consequently worsened caseloads for our overwhelmed court system.

SOLUTION To create a licensing program for property insurance appraisers and property insurance appraisal umpires. The creation of a licensing program will promote safety, security and avoid economic injury by regulating companies and persons that offer property insurance appraisal. Once enacted, licensed property insurance appraisers and property insurance appraisal umpires will be guaranteed to have proof of proper college education and a criminal history check by the Federal Bureau of investigation(FBI).
Furthermore, in order to ensure cooperation amongst all parties, a property insurance appraisal process will be implemented to resolve disputes between the insured and insurers. The process will ensure that if property appraisers on both sides fail to reach an agreement within a reasonable timespan, the property insurance appraisal umpire will then be used to appraise the property/properties involved—avoiding the use of the court system.