The Maryland Insurance Administration issued Bulletin 20-04, reminding title companies of changes to COMAR 31.04.22, which will go into effect April 20, 2020.
“This regulation establishes the minimum standards and procedures for conducting the on-site reviews a title insurer is required to perform of their principal agents each calendar year pursuant to §10-121(k) of the Insurance Article,” the bulletin stated. “The revisions clarify who is qualified to sign the certification mandated by COMAR 31.04.22.04B(7), which requires the principal agent to certify that the information provided to the title insurer or its designee during the on-site review was full, complete, and truthful and that an adequate inquiry was undertaken in order to make that certification.
“The certification is now required to be signed by a designated responsible licensed producer of the principal agent, or an attorney of the law firm who is a licensed insurance producer, if the principal agent is a law firm as defined in §10-125(a)(3) of the Insurance Article,” the bulletin continued.
It stated that the failure to comply with the requirement might result in administrative action against the title insurer and the principal agent.
It stated that any questions regarding the bulletin may be directed to Erica Bailey, associate commissioner, Compliance & Enforcement, at (410) 468-2113 or [email protected].