Title Insurance Issues (C) Working Group
Title Insurance Issues (C) Working Group Page
Joint Executive (EX) / Plenary Committee Summary Report
Summer 2009 Meeting Summaries Index
The Title Insurance (C) Working Group of the Property and Casualty
Insurance (C) Committee met by conference call April 23 and April
30. During these conference calls, the Working Group:
- Considered state page proposals from the State Page Subgroup,
which met by conference call April 3, 2009. The Subgroup’s
proposals provide for the collection of certain data elements
by state and countrywide.
- Approved three amended proposals regarding the title Annual
Statement Blank to be submitted to the Blanks (E) Working
Group at the Summer National Meeting. The proposals called
for the:
- Amendment of Schedule T, beginning with reporting for the
2010 year to expand the permissible entries in the premium
rate column to more accurately reflect the various types
of title functions.
- Introduction of a simplified state page to begin the collection
of specific revenue, loss and expense data needed to estimate
the profitability of title insurer operations beginning in
2010.
- Expansion of a state page in the future to include type
of property, either residential or non-residential, and to
sort data by rate types for those states that have multiple
rate types by 2012.
The Working Group also met June 14, during which the Working
Group:
- Adopted its April 23 and April 30 conference call minutes.
- Heard an update on the three proposals submitted to Blanks
(E) Working Group to expand the type-of-rate codes in Schedule
T and to introduce state pages into the title Annual Statement
Blank.
- Discussed questions for an upcoming survey of state laws
regarding the collectability of title agent data.
- The Working Group plans to revise and add questions to
the survey.
- The Working Group plans to revise the survey format into
a checklist structure for ease of completion and compilation.
- Discussed 2009/2010 work plan draft components and their
prioritization. The Working Group will continue discussions
on its draft work plan at the Fall National Meeting. The 2009
draft work plan includes:
- Developing a nationwide title statistical plan.
- Considering ways to improve the solvency regulation of
title insurers.
- Considering ways to mitigate the impact of insolvencies
on policyholders.
- Considering ways to improve the spread of market share
among title insurers.
- Exploring ways to promote effective consumer shopping for
title agents and insurers.
- Promoting fair, compliant and transparent real-estate settlement
practices by title agents and insurers.
- Updating and enhancing title model acts.
Action Items:
- Adopted the minutes from the Working Group’s April
23 and April 30 conference calls.
- Adopted its proposal to the Blanks (E) Working Group to include
three separate proposals to be submitted at the Summer National
Meeting.
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