Maryland Issues Data Call
July 15, 2009
The Maryland Insurance Administration has requested all title insurance underwriters licensed to write title insurance in the state submit financial data related to its title insurance business.
The department requests a listing of all appointed title agencies/agents in Maryland for calendar year 2008 and 2009. For each agency/agent, the department wants the contractual commission percentage the underwriter was/is obligated to pay for calendar year 2008 and 2009.
The department said the information should include:
- Whether a single commission percentage is paid for all types of business the agency/agent places with the insurer. If so, the percentage amount should be provided;
- Whether different commission percentages are paid based on the type of business placed with the underwriter. If so, the underwriter should list each type of business and the associated commission percentage paid for each type of business placed;
- Whether there is a sliding commission schedule based on other factor(s). If so, underwriters should provide a listing of those factors and attach a copy of the schedule of commissions; and
- Whether there was/is an opportunity for “contingent commissions” based upon certain triggers. If so, underwriters should provide a listing of those triggers and attach a copy of those contingent commissions schedule and associated triggers.
Mr. David Diehl, Chief Administrator
Property & Casualty Unit
Maryland Insurance Administration
200 St. Paul St. Suite 2700
Baltimore, MD 21202
The request for data comes two days before Thursday's (July 16) fifth and final public hearing held by the Maryland Commission to Study the Title Insurance Industry. The Maryland commission was established in 2008 to make recommendations for changes to state laws relating to the title insurance industry and is co-chaired by Sen. Delores Kelley and Del. David Rudolph.