DFS Reminds Public Adjusters of Conflict of Interest Prohibitions
The Florida Department of Financial Services (DFS) recently issued a reminder to public adjusters to avoid conflicts of interest while performing the duties under their license. DFS pointed to section 626.8795, Florida Statutes, in advising public adjusters that they may not:
- participate directly or indirectly in the reconstruction, repair, or restoration of damaged property that is the subject of a claim adjusted by the licensee; or
- engage in any other activities that may be reasonably construed as a conflict of interest, including soliciting or accepting any remuneration from, of any kind or nature, directly or indirectly; and may not have a financial interest in any salvage, repair, or any other business entity that obtains business in connection with any claim that the public adjuster has a contract or an agreement to adjust.