On October 3, 2012, Pennsylvania HB 424 went into effect, changing the surety bond requirement for public adjusters in Pennsylvania. The new law complies with the the model established by the National Association of Insurance Commissioners.
Specifically, the change reduced the minimum bond coverage required from $40,000 to $20,000. HB 424 also requires each individual professional to post a bond instead of the former practice of allowing partnerships, corporations and associations to post these bonds.
Click here to read HB 424 in its entirety.