Agency in Pennsylvania

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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:

  1. 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]
  2. Blanket fidelity bond covering all agency employees of at least $150,000, with a deductible not larger than 15% of the bond penalty[5]
  3. 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]

Remittances

Reporting

Residency

Sources

  1. 40 P.S. 323.3
  2. 40 P.S. 910-7
  3. 31 Pa. Code 126.2.
  4. 40 P.S. 910-26.1(1)
  5. 40 P.S. 910-26.1(2)
  6. 40 P.S. 910-26.1(3)
  7. 40 P.S. 310.71
  8. 40 P.S. 910-29