Difference between revisions of "Agency in Pennsylvania"
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==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> | ||
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==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> | ||
Revision as of 12:18, 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
An owner's waiver of title insurance, or copies, must be retained for at least twenty (20) years. 31 Pa. Code 126.2.
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[2]
- Blanket fidelity bond covering all agency employees of at least $150,000, with a deductible not larger than 15% of the bond penalty[3]
- Surety bond in the form prescribed by the Insurance Department of not less than $100,000.[4]
Licensing
In addition to licensing, title agents must be appointed in writing by a title insurer.[5]
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.[6]
