Title Insurance (C) Working Group
August 17, 2007

The Title Insurance Issues (C) Working Group met via conference call on August 17, 2007.

At this meeting, the Working Group:

• Decided to address some of the recommendations made within the Government Accountability Office’s (GAO) April 2007 Report titled, “Title Insurance: Actions Needed to Improve Oversight of the Title Industry and Better Protect Consumers;”

• Analyzed a proposal for a Schedule T, Supplement A, for title insurers provides information that can be used to assess the results of title insurance operations by state. This report would show state experience for four segments, (1) residential direct operations, (2) residential independent agent operations, (3) residential affiliated agent operations, and (4) commercial;

• Received an update on the new NAIC model law development framework which would address potential changes to the Title Insurer Model Act and the Title Insurance Agent Model Act as well as an update on potential blanks changes concerning title insurance;

• Received a presentation concerning potential alternatives to title insurance concerning lenders pay.

Action Items:

Woody Girion (CA), chair, announced that the Title Insurance Agent Model Act and the Title Insurer Model Act are currently outdated and need to be updated, and that the models should be addressed as guidelines while the Working Group could still have a model law concerning any data collection procedures.