NAIC Title Insurance Task Force proposes 2024 charges

The National Association of Insurance Commissioners’ (NAIC) Title Insurance Task Force proposed its charges for next year.

According to its website, the task force proposes to:

• Discuss and/or monitor issues and developments impacting the title insurance industry, and provide support and expertise to other NAIC committees, task forces and/or working groups, or outside entities, as appropriate.
• Review and assist various regulatory bodies in combating fraudulent and/or unfair real estate settlement activities. Such efforts could include working with the Antifraud (D) Task Force and other NAIC committees, task forces and/or working groups to combat mortgage fraud and mitigating title agent defalcations through the promotion of closing protection letters (CPLs) and other remedies.
• Consult with the Consumer Financial Protection Bureau (CFPB) and other agencies responsible for information, education, and disclosure for mortgage lending, closing and settlement services about the role of title insurance in the real estate transaction process.
• Update the Survey of State Insurance Laws Regarding Title Data and Title Matters, 2019.
• Stay abreast of consumer issues and complaints submitted to states regarding title insurance. Consider regulatory best practices or standards related to consumer protection. (revised charge)
• Evaluate alternative title products and provide guidance to state insurance regulators as needed. (new charge)

This year’s adopted charges include:  

• Discuss and/or monitor issues and developments affecting the title insurance industry, and provide support and expertise to other NAIC committees, task forces and/or working groups, or outside entities, as appropriate. 
• Review and assist various regulatory bodies in combating fraudulent and/or unfair real estate settlement activities. Such efforts could include working with the Antifraud (D) Task Force and other NAIC committees, task forces and/or working groups to combat mortgage fraud and mitigating title agent defalcations through the promotion of closing protection letters (CPLs) and other remedies. 
• Consult with the CFPB and other agencies responsible for information, education, and disclosure for mortgage lending, closing services, and settlement services about the role of title insurance in the real estate transaction process. 
• Update the 2019 Survey of State Insurance Laws Regarding Title Data and Title Matters. 
• Review Section 15C of the Title Insurers Model Act (#628) to determine if a request should be made to remove the requirement for on-site review of underwriting and claims practices.  
• Obtain information on consumer complaints submitted to states regarding title insurance to determine if updates are needed to insurance regulatory best practices or standards.