Agency in Pennsylvania
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]
