NAIC Seeks Comments on Draft Shopping Tool for Title Insurance, Best Practices Guide

November 13, 2014

The National Association of Insurance Commissioners Title Consumer Shopping Tools (C) Working Group has developed and adopted a consumer shopping tool and best practices guide.

The Working Group created the documents in response to their charge to determine the feasibility of promoting effective consumer shopping for title agents and insurers without delaying real estate closing schedules and to consider developing best practices for the design and implementation of title cost comparison guides for consumers.

The shopping tool is intended to be adapted for individual state use as statute, common practice and terminology vary by state. The shopping tool covers the basics of title insurance, explains the need for title insurance, offers tips to shop for title insurance and closing services, and provides questions that consumers should ask before buying title insurance.

Comments on the documents may be sent by Dec. 4 to jgardner@naic.org.

ALTA's Liaison Committee with the NAIC and the Public Relations Committee offered feedback on the shopping tool.


Contact ALTA at 202-296-3671 or communications@alta.org.

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