500.1228 Records of adjuster.

197 words·~1 min read·/mi/chapter-500/500-1228

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Sec. 1228.

(1)An adjuster for an insured shall maintain a complete record of each of his transactions as an adjuster for the insured. The record shall include:

(a)the name of the insured,

(b)the date, location and amount of the loss,

(c)a copy of the contract between the adjuster for the insured and the insured,

(d)the name of the insurer and the amount, expiration date and number of each policy carried with respect to the loss,

(e)an itemized statement of the recoveries by the insured from the sources known to the adjuster for the insured,

(f)the name of each person soliciting the adjustment for the insured and the date and time when solicited, and

(g)the total compensation received for the adjustment and the amount of commission, salary or other compensation paid to each representative of the adjuster for the insured in connection with the transaction.

(2)Records shall be maintained for at least 6 years after the termination of the transaction with an insured, and shall be open to examination by the commissioner.

History: Add. 1972, Act 133, Eff. Mar. 30, 1973

Popular Name: Act 218