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Colorado amending fiduciary regulations
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Regulatory Updates
Wednesday, May 2, 2018
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The Colorado Division of Insurance will hold a May 15 hearing on amendments to Regulation 8-1-4, regarding title industry members’ fiduciary duties. Last year, the division completed a years-long effort to separate the sections of its former title insurance regulation 3-1-5 to make the regulations more manageable. After a memorandum from the Colorado General Assembly’s Office of Legislative Legal Services found that the commissioner of insurance had no statutory authority to promulgate rules regarding the fiduciary responsibilities of title insurance entities, the division and the Land Title Association of Colorado set to work helping draft a new law giving the commissioner such authority and amending the rule. Read on for more details.
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