{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1845.16.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1845.16.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1845.16.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1845.16.html"}],"law_id":75597,"edition_id":1,"section_id":75597,"structure_id":14212,"section_number":"38.2-1845.16","catch_line":"Escrow or trust accounts","history":"2012, cc. 734, 735; 2019, c. 627.","full_text":"All funds received by, accepted by, or held by a public adjuster on behalf of an insured toward the settlement of a claim shall be handled in a fiduciary capacity and submitted for collection to or deposited in a separate noninterest-bearing fiduciary trust account or accounts in a financial institution licensed to do business in the Commonwealth no later than the close of the second business day from the receipt or acceptance of such funds. Such funds shall be held separately from any personal or nonbusiness funds, shall not be commingled or combined with other funds, and shall be reasonably ascertainable from the books of accounts and records of the public adjuster. The public adjuster shall maintain an accurate record and itemization of the funds deposited into this account. Any such funds held by such public adjuster shall be disbursed within 30 calendar days of any invoice received by such public adjuster upon approval of the insured or claimant that the work has been satisfactorily completed.","order_by":null,"text":{"0":{"id":271546,"text":"All funds received by, accepted by, or held by a public adjuster on behalf of an insured toward the settlement of a claim shall be handled in a fiduciary capacity and submitted for collection to or deposited in a separate noninterest-bearing fiduciary trust account or accounts in a financial institution licensed to do business in the Commonwealth no later than the close of the second business day from the receipt or acceptance of such funds. Such funds shall be held separately from any personal or nonbusiness funds, shall not be commingled or combined with other funds, and shall be reasonably ascertainable from the books of accounts and records of the public adjuster. The public adjuster shall maintain an accurate record and itemization of the funds deposited into this account. Any such funds held by such public adjuster shall be disbursed within 30 calendar days of any invoice received by such public adjuster upon approval of the insured or claimant that the work has been satisfactorily completed.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14212,"edition_id":1,"name":"Licensing of Public Adjusters","identifier":"4.1","label":"article","depth":3,"order_by":1,"parent_id":13203,"metadata":{},"date_created":"2026-06-26 03:47:17","date_modified":"2026-06-26 03:47:17","permalink":{"id":212641,"object_type":"structure","relational_id":14212,"identifier":"4.1","token":"38.2\/18\/4.1","url":"\/38.2\/18\/4.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13203,"edition_id":1,"name":"Insurance Agents","identifier":"18","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:26","date_modified":"2026-06-26 03:44:26","permalink":{"id":212411,"object_type":"structure","relational_id":13203,"identifier":"18","token":"38.2\/18","url":"\/38.2\/18\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58484,"structure_id":14212,"section_number":"38.2-1845.1","catch_line":"Definitions","url":"\/38.2-1845.1\/","token":"38.2\/18\/4.1\/38.2-1845.1","metadata":false},{"id":73810,"structure_id":14212,"section_number":"38.2-1845.10","catch_line":"Grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1845.10\/","token":"38.2\/18\/4.1\/38.2-1845.10","metadata":false},{"id":87101,"structure_id":14212,"section_number":"38.2-1845.11","catch_line":"Termination, suspension, or revocation of license","url":"\/38.2-1845.11\/","token":"38.2\/18\/4.1\/38.2-1845.11","metadata":false},{"id":75278,"structure_id":14212,"section_number":"38.2-1845.12","catch_line":"Standards of conduct for public adjusters","url":"\/38.2-1845.12\/","token":"38.2\/18\/4.1\/38.2-1845.12","metadata":false},{"id":67841,"structure_id":14212,"section_number":"38.2-1845.13","catch_line":"Contract between public adjuster and insured","url":"\/38.2-1845.13\/","token":"38.2\/18\/4.1\/38.2-1845.13","metadata":false},{"id":76560,"structure_id":14212,"section_number":"38.2-1845.14","catch_line":"Fees","url":"\/38.2-1845.14\/","token":"38.2\/18\/4.1\/38.2-1845.14","metadata":false},{"id":80102,"structure_id":14212,"section_number":"38.2-1845.15","catch_line":"Record retention","url":"\/38.2-1845.15\/","token":"38.2\/18\/4.1\/38.2-1845.15","metadata":false},{"id":75597,"structure_id":14212,"section_number":"38.2-1845.16","catch_line":"Escrow or trust accounts","url":"\/38.2-1845.16\/","token":"38.2\/18\/4.1\/38.2-1845.16","metadata":false},{"id":67191,"structure_id":14212,"section_number":"38.2-1845.17","catch_line":"Requirement to report to Commission","url":"\/38.2-1845.17\/","token":"38.2\/18\/4.1\/38.2-1845.17","metadata":false},{"id":66974,"structure_id":14212,"section_number":"38.2-1845.18","catch_line":"Information security program","url":"\/38.2-1845.18\/","token":"38.2\/18\/4.1\/38.2-1845.18","metadata":false},{"id":70523,"structure_id":14212,"section_number":"38.2-1845.19","catch_line":"What laws applicable; 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reciprocal agreements with other states and Canadian provinces","url":"\/38.2-1845.5\/","token":"38.2\/18\/4.1\/38.2-1845.5","metadata":false},{"id":86867,"structure_id":14212,"section_number":"38.2-1845.6","catch_line":"Individual moving into the Commonwealth from another state or Canadian province","url":"\/38.2-1845.6\/","token":"38.2\/18\/4.1\/38.2-1845.6","metadata":false},{"id":62133,"structure_id":14212,"section_number":"38.2-1845.7","catch_line":"Refusal to issue; hearing; new application","url":"\/38.2-1845.7\/","token":"38.2\/18\/4.1\/38.2-1845.7","metadata":false},{"id":59250,"structure_id":14212,"section_number":"38.2-1845.8","catch_line":"Renewal application and fee; reinstatement; waiver","url":"\/38.2-1845.8\/","token":"38.2\/18\/4.1\/38.2-1845.8","metadata":false},{"id":67352,"structure_id":14212,"section_number":"38.2-1845.9","catch_line":"Repealed","url":"\/38.2-1845.9\/","token":"38.2\/18\/4.1\/38.2-1845.9","metadata":false}],"previous_section":{"id":80102,"structure_id":14212,"section_number":"38.2-1845.15","catch_line":"Record retention","url":"\/38.2-1845.15\/","token":"38.2\/18\/4.1\/38.2-1845.15","metadata":false},"next_section":{"id":67191,"structure_id":14212,"section_number":"38.2-1845.17","catch_line":"Requirement to report to Commission","url":"\/38.2-1845.17\/","token":"38.2\/18\/4.1\/38.2-1845.17","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1845.16\/","history_text":"

This law was first created in 2012. The record of its establishment is cataloged in chapters 734<\/a> and 735<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 627<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":212671,"object_type":"law","relational_id":75597,"identifier":"38.2-1845.16","token":"38.2\/18\/4.1\/38.2-1845.16","url":"\/38.2-1845.16\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1845.16\/","token":"38.2\/18\/4.1\/38.2-1845.16","dublin_core":{"Title":"Escrow or trust accounts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1845.16","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

All funds received by, accepted by, or held by a public adjuster<\/span> on behalf of an insured toward the settlement<\/span> of a claim shall be handled in a fiduciary capacity and submitted for collection to or deposited in a separate noninterest-bearing fiduciary trust account or accounts in a financial institution licensed to do business in the Commonwealth no later than the close of the second business day from the receipt or acceptance of such funds. Such funds shall be held separately from any personal or nonbusiness funds, shall not be commingled or combined with other funds, and shall be reasonably ascertainable from the books of accounts and records of the public adjuster<\/span>. The public adjuster<\/span> shall maintain an accurate record and itemization of the funds deposited into this account. Any such funds held by such public adjuster<\/span> shall be disbursed within 30 calendar days of any invoice received by such public adjuster<\/span> upon approval of the insured or claimant that the work has been satisfactorily completed.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESCROW OR TRUST ACCOUNTS (\u00a7 38.2-1845.16)\n\nAll funds received by, accepted by, or held by a public adjuster on behalf of an\ninsured toward the settlement of a claim shall be handled in a fiduciary\ncapacity and submitted for collection to or deposited in a separate\nnoninterest-bearing fiduciary trust account or accounts in a financial\ninstitution licensed to do business in the Commonwealth no later than the close\nof the second business day from the receipt or acceptance of such funds. Such\nfunds shall be held separately from any personal or nonbusiness funds, shall not\nbe commingled or combined with other funds, and shall be reasonably\nascertainable from the books of accounts and records of the public adjuster. The\npublic adjuster shall maintain an accurate record and itemization of the funds\ndeposited into this account. Any such funds held by such public adjuster shall\nbe disbursed within 30 calendar days of any invoice received by such public\nadjuster upon approval of the insured or claimant that the work has been\nsatisfactorily completed.\n\nHISTORY: 2012, cc. 734, 735; 2019, c. 627.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}