Special Edition: Title Insurance Regulatory and Legislative Update

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  • New York Title Insurance Agent Licensing Statute: Business entities and individuals who meet the conditions set forth in New York Insurance Law section 2101(y)(1) are required to become licensed.  Business entity licensees must have at least one person with a financial or beneficial interest in the entity, and who meets the requirements of an agent, become a sub-licensee of the entity.  An agent currently engaged in the title insurance business in New York must submit an application to the New York State Department of Financial Services no later than January 1, 2015 to continue doing business during the pendency of the application. (Chapter 57 of the Laws of 2014; effective September 27, 2014)
  • New York Title Insurance Agent Licensing Regulations: The New York State Department of Financial Services has adopted regulations on an emergency basis to implement the title insurance agent licensing law that became effective on September 27.  The new Insurance Regulation 206 addresses a number of issues involving title insurance agents, including adding provisions that are similar to those that apply to other insurance producers; setting forth new disclosure requirements; requiring title insurance agents to comply with a rate service organization’s annual statistical data call; and addressing the obligation of title insurance agents and title insurers with respect to title closers. The regulations also codify DFS opinions regarding affiliated business relations with respect to the applicability of New York Insurance Law section 6409, which prohibits rebates, inducements and certain other discriminatory behaviors. (11 NYCRR Part 35; published in the State Register October 15, 2014)
  • Florida Notice of Mineral Rights: Recently effective legislation requires sellers to provide prospective purchasers with a subsurface rights disclosure summary when selling certain residential property; provides a form for the disclosure summary; requires the disclosure summary to be included or incorporated by reference in a contract for sale; and defines terms "subsurface rights" and "seller”. (Chapter No. 2014-34; effective October 1, 2014)
  • National Association of Insurance Commissioners: The Title Insurance Guaranty Fund Working Group has been charged with developing a title insurance guaranty fund guideline and determining the attributes of recent title company financial failures. The current exposure draft of the guidelines, entitled “Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund Guideline” is available on the NAIC website.  The working group is reviewing a new draft of the guidelines, which will be exposed for public comment in the near future. (www.naic.org)
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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