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Help ALTA Create Sample Policies to Aid Implementation of Best Practices

May 30, 2013

Now that the “Title Insurance and Settlement Company Best Practices” have been released, ALTA asks members to submit sample policies, procedures and practices companies already have in place to help produce standard policies or guidelines for the industry.

Submissions will be anonymous and distributed to a related ALTA committee (Internal Auditing, Technology, Forms, Public Relations, etc.) in order to produce standard policies or guidelines for the industry. Click here for information on how to submit your sample policy.

“We are already doing a lot of items that are in the best practices,” said ALTA President Frank Pellegrini. “We just need to get a little better in a few areas and get better at communicating and documenting the processes we already have in place protecting consumers and the transaction.”

Here is a partial list of the types of policies we are looking for:

• Escrow Trust Account Policy (deadline to submit a policy for this practice is Feb. 15, 2013)
  • Three-way reconciliations
  • Segregation of duties (in 1-3 person offices, midsize offices, large offices)
  • Documenting outstanding file balances
  • Authority to access and transfer funds

• Physical Security of Non-public Personal Information Policy (NPI) (deadline to submit a policy for this practice is March 15, 2013)
  • Restrict access to authorized employees only
  • “Clean-desk” policy
  • Secure delivery methods to transmit NPI
  • Prohibit NPI from being accessed or stored on non-approved electronic devices

• Network Security of Non-public Personal Information Policy (deadline to submit a policy for this practice is March 15, 2013)
  • Strong passwords
  • Password activated screen savers
  • Firewall, anti-virus, intrusion prevention systems
  • Data encryption for files containing NPI
  • Transmit NPI and money via secure socket layer (SSL) connections
  • Encrypt or password-protect documents containing NPI on portable devices (laptops, smart phones, USB drives)
  • Acceptable Use Policy

• Disposal of Non-public Personal Information Policy (deadline to submit a policy for this practice is March 15, 2013)
  • Document retention period
  • Destruction of hard copy and electronic files

• Disaster Recovery Policy (deadline to submit a policy for this practice is March 15, 2013)
• Security Breach Policy (deadline to submit a policy for this practice is March 15, 2013)
  • Notification to customers and law enforcement

• Written policies related to policy production, delivery, reporting, and remittance (deadline to submit a policy for this practice is May 15, 2013)

In addition to the standard policies, ALTA plans to develop a directory of vendors that provide services to help members implement these practices. To help with this, vendor submissions also are being accepted. If you would like to submit vendor information, include the vendors name, website, phone number and service provided.