Home state: means the District of Columbia and any state or territory of the United States in which the public adjuster's principal place of residence or principal place of business is located. See Tennessee Code 56-6-902
NAIC: means the National Association of Insurance Commissioners. See Tennessee Code 56-6-902
Public adjuster: means any person, other than someone who is employed by an insurance carrier, who, for compensation or any other thing of value, on behalf of the insured: (i) Acts or aids, solely in relation to first party claims arising under insurance contracts that insure the real or personal property of the insured on behalf of an insured, in investigating, verifying, substaining, estimating, appraising, determining, presenting, and discussing the value of the claim, and effectuating the resolution of a claim for loss or damage covered by an insurance contract. See Tennessee Code 56-6-902
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) The person is currently licensed as a resident public adjuster and in good standing in the person’s home state;(2) The person has submitted the proper request for licensure, has paid the fees required by the rule promulgated under § 56-6-905(a)(5), and has provided proof of financial responsibility as required in § 56-6-911;(3) The person has submitted, or transmitted to the commissioner, the appropriate completed application for licensure;(4) The person’s home state has adopted a public adjuster licensing act, that is substantially similar to this part; and(5) The nonresident public adjuster representing an insured in this state remains reasonably available for communications with the insured and the insurance carrier.(b) The commissioner may verify the public adjuster’s licensing status through the producer database maintained by the NAIC, its affiliates or subsidiaries.(c) As a condition to continuation of a public adjuster license issued under this section, the licensee shall maintain a resident public adjuster license in the licensee’s home state. The nonresident public adjuster license issued under this section shall terminate and be surrendered immediately to the commissioner, if the home state public adjuster license terminates for any reason, unless the public adjuster has been issued a license as a resident public adjuster in the adjuster’s new home state. The licensed nonresident public adjuster shall provide prompt notification of the new home state license to the state or states that have issued the nonresident license. This notification shall include the licensee’s new and old addresses. A new state resident license is required for nonresident licenses to remain valid. The new state resident license must have reciprocity with the licensing nonresident state or states, for the nonresident license not to terminate.
