                                 CODE OF VIRGINIA

ESCROW OR TRUST ACCOUNTS (§ 38.2-1845.16)

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.

HISTORY: 2012, cc. 734, 735; 2019, c. 627.