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Title Insurance (C) Task Force

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

2020 Proposed Charges

  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 and/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 about the role of title insurance in the real estate transaction process.
    4. Consider the effectiveness of changes in financial reporting by title insurance companies and identify further improvements and clarifications to blanks, instructions, Statement of Statutory Accounting Principles (SSAPs), solvency tools and other matters, as necessary. Coordinate efforts with the Statutory Accounting Principles (E) Working Group.
    5. Revise the Title Insurance Consumer Shopping Tool Template to include questions and answers about title insurance-related fraud topics, including but not limited to, closing protection letters and wire fraud.
    6. Evaluate the effectiveness of closing protection letters, including, but not limited to, intent, state regulation and requirements, consumer protections offered and excluded, and potential alternatives for coverage.
       

2019 Charges

The Title Insurance (C) Task Force will:

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 and/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 about the role of title insurance in the real estate transaction process.
  2. The Title Insurance Financial Reporting (C) Working Group will:
    1. Consider the effectiveness of recent changes in financial reporting by title insurance companies and identify further improvements and clarifications to blanks, instructions, Statement of Statutory Accounting Principles (SSAPs), solvency tools and other matters. Coordinate efforts with the Statutory Accounting Principles (E) Working Group.
Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Anne Obersteadt
Regulatory Research Specialist
Phone: 816.783.8225
Email: aobersteadt@naic.org

Aaron Brandenburg
Assistant Director
Phone: 816-783-8271
Email: abrandenburg@naic.org

Please see the current Committee List for a complete list of committee members.

 

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