The National Association of Insurance Commissioners (NAIC) is accepting comments on an Exposure Draft for its NAIC Title Shopping Tool. Regulators and interested parties may submit comments by Dec. 4.
The Exposure Draft has been created and overseen by the Title Consumer Shopping Tools Working Group and the Title Insurance Task Force at NAIC. Comments on the draft may be submitted to [email protected].
The guide itself is a 12-page document meant to serve as a template for buying title insurance in any state. It includes basic information about title insurance, who provides it and why it is necessary. It offers tips for shopping for title insurance and closing services, discusses how to file a claim, and includes questions to ask while going through the process.
It also includes a template for a cost comparison chart in the closing process and contact information for state and federal parties.
Look for more on the NAIC shopping guide in the next edition of The Legal Description.