Difference between revisions of "Closing Protection Letters in Indiana"

Latest revision as of 08:43, 21 July 2018

Overview

Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, CPLs must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The filed rate for WFG is $25 per letter, not per transaction.

Sources

The issuance of Closing Protections Letters is permitted under Section 27-7-3-22 of the Indiana Code. This code section also defines the content, uses, and minimum fees for a CPL in Indiana.

See also WFG Underwriting Bulletin IN 2013-02

Compliance

CPLs are required to be issued in any residential real estate transaction for which a title insurance policy is being issued. A CPL must be issued to each party in the transaction including buyers, sellers, borrowers, and lenders.

Disclosures

N/A.

Forms

Disclosure Form

N/A.

CPL Form

Latest CPL Form Filing Date: 01-23-2018
Filing Requirements: Filing Required after adoption of Rating Bureau
Current From: 3173600
ALTA Version: 2015

Dual Agent CPLs

Rates

State Mandated Rates

The state does not mandate any rates. The rate used must be filed and approved by the Commissioner of Insurance. [1]

WFG Rates

Buyer: $25.00
Seller: $25.00
Lender: $25.00
Borrower: $25.00

Remittances

100% of any CPL charge must be remitted to the Underwriter.

Notes

Notes:
Rate Checked: 01-23-2018
By: Debbie Thoms
Manual Date:

@@ Line 1: / Line 1: @@
-===Overview===
+==Overview==
+Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, CPLs must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction.  The filed rate for WFG is $25 per letter, not per transaction.
-===Sources===
+==Sources==
-* [https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-22.html IC Section 27-7-3-22]
+The issuance of Closing Protections Letters is permitted under [https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-22.html Section 27-7-3-22] of the Indiana Code. This code section also defines the content, uses, and minimum fees for a CPL in Indiana.
-* Sec. 15.5(a) and Sec. 15.5(b).
-* [http://wfgunderwriting.com/download/indiana/bulletins/WFGNTIC%20IN%20UW%20Bulltin%20IN2013-02%20Indiana%20CPL%20Rate-%20Rates%20Form%20Filings%20Effective%20July%201,%202013.pdf WFG Bulletin IN 2013-02]
-===Compliance===
+* See also [http://wfgunderwriting.com/download/indiana/bulletins/WFGNTIC%20IN%20UW%20Bulltin%20IN2013-02%20Indiana%20CPL%20Rate-%20Rates%20Form%20Filings%20Effective%20July%201,%202013.pdf WFG Underwriting Bulletin IN 2013-02]
-====Disclosures====
+==Compliance==
+CPLs are '''required''' to be issued in any '''residential real estate transaction''' for which a title insurance policy is being issued.  A CPL must be issued to each party in the transaction including buyers, sellers, borrowers, and lenders.
-===Forms===
+===Disclosures===
+N/A.
-====Disclosure Form====
+==Forms==
-====CPL Form====
+===Disclosure Form===
+N/A.
+===CPL Form===
 * Latest CPL Form Filing Date: 01-23-2018
 * Filing Requirements: Filing Required after adoption of Rating Bureau
@@ Line 20: / Line 24: @@
 * ALTA Version: 2015
-====Dual Agent CPLs====
+===Dual Agent CPLs===
-===Rates===
+==Rates==
-====State Mandated Rates====
+===State Mandated Rates===
-* Buyer:
+The state does not mandate any rates.  The rate used must be filed and approved by the Commissioner of Insurance. [https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-22.html]
-* Seller:
-* Lender:
-* Borrower:
-====WFG Rates====
+===WFG Rates===
 * Buyer: $25.00
 * Seller: $25.00
@@ Line 36: / Line 37: @@
 * Borrower: $25.00
-=== Remittances===
+== Remittances==
+* 100% of any CPL charge must be remitted to the Underwriter.
-===Notes===
+==Notes==
 * Notes:
 * Rate Checked: 01-23-2018
@@ Line 44: / Line 46: @@
 * Manual Date:
-===Cross-References===
+==Cross-References==
 * [[Indiana]]
 * [[Closing Protection Letters]]