Title 38.2. Insurance
Chapter 18. Insurance Agents
§ 38.2-1845.16. Escrow or trust accounts. (2026 updated section)
A. All funds received by, accepted by, or held by a public adjuster on behalf of a policyholder 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 policyholder or claimant that the work has been satisfactorily completed.
B. The Commission may inform the attorney for the Commonwealth of the appropriate county or independent city if the Commission's investigation reveals that a person has misappropriated or diverted funds held in a fiduciary capacity.
