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Title Insurance (C) Task Force

 

2017 Charges:

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

Ongoing Support of NAIC Programs, Products or Services

  1. The Title Insurance (C) Task Force will:
    1. Monitor issues and developments occurring in the title insurance industry, and provide support and expertise to other NAIC committees, task forces and/or working groups, or outside entities, as appropriate.
    2. Review and assist various regulatory bodies in combating fraudulent or unfair real estate settlement activities. Such efforts could include working with the Antifraud (D) Task Force and other NAIC committees, task forces and/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.
    3. Consult with the Consumer Financial Protection Bureau (CFPB) and other agencies responsible for information, education and disclosure for mortgage lending, closing and settlement services, as appropriate.
  2. The Title Affiliated Business Process Review (C) Working Group will:
    1. Review the Market Regulation Handbook chapter on examination of title insurers and agents and, if necessary, send a memorandum to the Market Conduct Examination Standards (D) Working Group with recommended revisions.
    2. Determine the feasibility of developing effective consumer disclosures related to affiliated business arrangements and reverse competition for the purchase of title insurance and related settlement services, including, but not limited to, a short and concise consumer disclosure at the beginning of the title ordering process to alert the consumer to key issues and opportunities.
  3. The Title Insurance Consumer Shopping Tools (C) Working Group will:
    1. Develop a title insurance tool for consumers based on the information contained in the Title Insurance Consumer Shopping Tool template adopted by the Property and Casualty Insurance (C) Committee at the 2015 Summer National Meeting. Report the results by the 2017 Spring National Meeting.
  4. The Title Insurance Financial Reporting (C) Working Group will:
    1. Consider the effectiveness of recent changes in financial reporting by title insurance companies related to the Title Agent Statistical Data Plan Implementation Guideline (#1650) and to identify further improvements and clarifications to blanks, instructions, Statements of Statutory Accounting Principles (SSAPs), solvency tools and other matters. Coordinate efforts with the Statutory Accounting Principles (E) Working Group. Report the results by the 2017 Spring National Meeting.

2018 Charges:

The Title Insurance (C) Task Force will:

The Title Insurance Financial Reporting (C) Working Group will: