Illinois SB 660 enacts the NAIC model legislation for public adjusters. The new law increases the current
bond for such licensees from $5,000 to a minimum amount of $20,000. The new law allows for an irrevocable letter of credit to be furnished, which prior law did not permit. The bond must be in favor of the State and authorize the Director of Insurance to make recovery on behalf of any person sustaining injury from the erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in his or her official capacity. The new law becomes effective on January 1, 2011.