What Public Adjusters Need to Know to Assist in The Bahamas

By: NAPIA
On: 09/04/2019 11:05:47
In: NAPIA News

Requirements for Public Adjusters to Work in The Bahamas

Excerpt from the Guidance Note for Regulation of Adjusters, The Insurance Commission of The Bahamas, June 2014:

V. PUBLIC ADJUSTERS

1. Public Adjusting Firms (Public Adjusters) must be incorporated under the Companies Act (Ch. 308).
2. All Public Adjusting Firms are required to register with the Commission, and are subject to ongoing supervision. Registration and supervision of these entities are intended to provide an acceptable level of protection for consumers and policyholders.
3. Public Adjusters must employ at least one Registered Adjuster. Further, the firm must be able to demonstrate that it is financially sound and well-managed.
4. Public Adjusters are not required to maintain a statutory deposit. However, a Public Adjusting firm must maintain a minimum capital of not less than $50,000.
5. Public Adjusters must maintain adequate books and records. These should be retained for a period of no less than 5 years. These records must be accessible to the Commission. The Commission may inspect the records of the Adjuster, as necessary.
6. A Public Adjusting firm must obtain professional indemnity insurance with a minimum limit of indemnity of $2 million for any one claim.
7. Public Adjusters are required to file audited annual financial statements and renew their registration with the Commission on an annual basis.
8. A Public Adjusting firm must have an internal complaints handling process.

For more details, click on Guidance Note for Regulation of Adjusters.
For information on work permit requirements click on Short Term Work Permit.
Click on The Insurance Commission of the Bahamas for contact information.