NAIC Adopts 2013 Committee Charges
March 5, 2013
On March 1, the National Association of Insurance Commissioners (NAIC) formally adopted its 2013 committee charges during a joint call of the Executive Committee/Plenary.
Among those were charges for the Title Insurance Task Force, which studies issues related to title insurers and title insurance producers. Here’s a list of the task force’s charges:
- 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. 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
- 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. Coordinate efforts with the Statutory Accounting Principles (E) Working Group. Report the results by the Fall National Meeting. — Important
- Appoint a Title Insurance Guaranty Fund (C/E) Working Group to consider whether a title insurance guaranty fund model law or guideline should be developed. Determine the attributes of recent title company financial failures. Report the results by the Summer National Meeting. — Essential
- Appoint an Escrow Theft White Paper (C) Subgroup to produce a white paper that examines ways to mitigate the impact of title insurer and agent insolvencies on policyholders, including the use of Closing Protection Letters. Report the results by the Summer National Meeting. — Essential
- Appoint a Title Insurance RBC (C/E) Subgroup to consider developing risk-based capital requirements. Report the results by the Summer National Meeting. — Important
- 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. Report the results by the Summer National Meeting. — Important
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