Difference between revisions of "Agency in Pennsylvania"
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=Overview= | =Overview= | ||
==Audits== | ==Audits== | ||
| + | The Insurance Department has authority to audit title agents as often as Commissioner deems appropriate, but not less than once every five years.<ref>40 P.S. 323.3</ref> | ||
| + | |||
==Banking== | ==Banking== | ||
==Brick and Mortar== | ==Brick and Mortar== | ||
==Document Preparation== | ==Document Preparation== | ||
==File Retention== | ==File Retention== | ||
| − | An owner's waiver of title insurance, or copies, must be retained for at least twenty (20) years. 31 Pa. Code 126.2. | + | The written abstract of title or title examination report (or a copy) must be maintained for twenty (20) years after issuance of the Policy.<ref>40 P.S. 910-7</ref> |
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| + | An owner's waiver of title insurance, or copies, must be retained for at least twenty (20) years.<ref>31 Pa. Code 126.2.</ref> | ||
==Insurance== | ==Insurance== | ||
| + | Title agents must maintain three types of insurance: | ||
| + | # Errors and Omissions Insurance of at least $250,000 per claim and $500,000 aggregate limit, with a deductible no greater than $25,000<ref>40 P.S. 910-26.1(1)</ref> | ||
| + | # Blanket fidelity bond covering all agency employees of at least $150,000, with a deductible not larger than 15% of the bond penalty<ref>40 P.S. 910-26.1(2)</ref> | ||
| + | # Surety bond in the form prescribed by the Insurance Department of not less than $100,000.<ref>40 P.S. 910-26.1(3)</ref> | ||
| + | |||
==Licensing== | ==Licensing== | ||
In addition to licensing, title agents must be appointed in writing by a title insurer.<ref>40 P.S. 310.71</ref> | In addition to licensing, title agents must be appointed in writing by a title insurer.<ref>40 P.S. 310.71</ref> | ||
Latest revision as of 11:20, 4 May 2023
Contents
Overview
Audits
The Insurance Department has authority to audit title agents as often as Commissioner deems appropriate, but not less than once every five years.[1]
Banking
Brick and Mortar
Document Preparation
File Retention
The written abstract of title or title examination report (or a copy) must be maintained for twenty (20) years after issuance of the Policy.[2]
An owner's waiver of title insurance, or copies, must be retained for at least twenty (20) years.[3]
Insurance
Title agents must maintain three types of insurance:
- Errors and Omissions Insurance of at least $250,000 per claim and $500,000 aggregate limit, with a deductible no greater than $25,000[4]
- Blanket fidelity bond covering all agency employees of at least $150,000, with a deductible not larger than 15% of the bond penalty[5]
- Surety bond in the form prescribed by the Insurance Department of not less than $100,000.[6]
Licensing
In addition to licensing, title agents must be appointed in writing by a title insurer.[7]
Marketing
Pennsylvania law prohibits title insurance agents from adopting a name containing the words "title," "title company," "title insurance company," "guaranty," "guarantee", "guaranty company", or "guarantee company" or any similar combination thereof.[8]
