Title Insurance (C) Task Force
Property and Casualty (C) Committee

The mission of the Title Insurance (C) Task Force is to study issues related to title insurers and title insurance producers.

2012 Charges:

1. Coordinate with the Financial Condition (E) Committee to modernize the solvency regulation of title insurance. These efforts may include: determining the attributes of recent title company financial failures; and developing risk-based capital requirements, early warning tools, and risk-focused financial examination guidelines for title insurers. Anticipated report dates to be determined after consultation with the Financial Condition (E) Committee.—Essential
2. Examine ways to mitigate the impact of title insurer and agent insolvencies on policyholders. Such efforts may include: promoting the use of blanket lenders’ policies and individual owners’ policies to replace policies issued by insolvent insurers; examining the financial failures of title agents; and promoting the use of Closing Protection Letters. Report the results by the Summer National Meeting.—Important
3. Assist various regulatory bodies in combating fraudulent or unfair real estate settlement activities. Such efforts may include: working with the Antifraud (D) Task Force and other NAIC committees, task forces or working groups to combat mortgage fraud; and mitigating title agent defalcations through the promotion of closing protection letters and other remedies. Report results at each national meeting.—Essential
4. Determine the feasibility of promoting effective consumer shopping for title agents and insurers without delaying real estate closing schedules. Consider developing best practices for the design and implementation of title cost comparison guides for consumers. Evaluate the appropriateness of creditors’ rights coverage. Report initial findings by the Fall National Meeting.—Important
5. Appoint a Title Insurance Market Conduct and Mortgage Fraud (C) Working Group to review and assist various regulatory bodies in combating fraudulent or unfair real estate settlement activities. Report results at each national meeting.—Essential
6. Appoint a Title Insurance Financial Reporting (C) Working Group to consider the effectiveness of recent changes in financial reporting by title insurance companies related to the Title Agent Statistical Data Plan Implementation Guideline and to identify further improvements and clarifications to blanks, instructions, Statements of Statutory Accounting Principles (SSAPs) and other matters. Report the results by the Fall National Meeting.—Important
7. Appoint a Title Insurance Guaranty Fund (C) Working Group to consider whether a title insurance guaranty fund model law or guideline should be developed. Report the results by the Summer National Meeting.—Essential

Staff Support: Joe Bieniek/Aaron Brandenburg

AUDIO FILES: Each audio file is approximately 30 minutes in length.

NAIC 2010 Fall National Meeting, Orlando, FL

• October 17, 2010, Title Insurance (C) Task Force Public Hearing:
  Private Transfer Fee Covenants
  • MP3 Audio 1 (7 MB)
  • MP3 Audio 2 (7 MB)
  • MP3 Audio 3 (7 MB)
  • MP3 Audio 4 (7 MB)