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NAIC exposes draft guidelines for guaranty fund
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Regulatory Updates
Monday, July 14, 2014
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In response to title insurer insolvencies that have happened in the last few years, industry members and regulators alike have been finding ways to address these problems and provide continued coverage for the banks and consumers that hold title insurance policies from these insolvent insurers.
While only 25 underwriters have gone insolvent since 1985, according to a Title Insurance Guaranty Fund Working Group report, regulators are concerned about the reduced number of title underwriters nationwide and what would happen if one of the four largest title insurance groups went insolvent. Over the past year the Title Guaranty Fund Working Group of the National Association of Insurance Commissioners worked with state regulators and interested parties to develop guidelines to crafting a guaranty fund that states could adopt for use in their jurisdictions. It released an exposed draft on July 8 for comment by all parties.
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