The Ohio Department of Insurance has submitted four title insurance regulations for public review. It proposes no changes for three, but proposes a technical change for the fourth.
The rules up for review are:
- 3901-7-01 regarding the annual review of title insurance agent escrow accounts
- 3901-7-02 regarding title insurance agents’ maintenance of surety bond and errors and omissions coverage
- 3901-7-03 regarding title insurance agents’ notice to mortgagors
- 3901-7-04 regarding title insurance-controlled business arrangements.
It proposes a technical amendment to Rule 3901-7-04, defining a person as “any natural person or any business entity as defined in division (P) of section 3905.01 of the Revised Code.”
The business impact analysis states, “In May 2021, an email requesting comment on the rule was sent to various stakeholders, interested parties, trade associations and companies. Specifically, the department reached out to the Ohio Land Title Association, the Ohio Insurance Institute, the Association of Ohio Life Insurance Companies, the American Council of Life Insurance, the National Association of Insurance and Financial Advisors, Ohio Association of Health Plans and the Professional Independent Agents Association, among others. Additionally, these rules were also posted on the department's web site for review.”
No comments were received at this time.
The department is receiving comments for these rules until July 28, 2021.