The Texas Department of Insurance regulates the business of title insurance on real property and on personal property to TDI does this by: TDI regulates title insurance under Texas
Insurance Code, Title 11 and the Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas. Links to each section of the Basic Manual: Section I – Insurance Code Section II – Insuring Forms Section III – Rate Rules Section IV – Procedural Rules Section V – Exhibits and Forms Section VI – Administrative Rules Section VII – Claims Section VII – Personal Property Title Insurance Appendix – Bulletins AuditsAll title agents licensed in Texas are subject to three separate audit requirements:
Title Auditor’s Notebook The auditor’s notebook contains guidance on rules and statutes, detailed instructions, and worksheets to assist auditors in examining title agents. Quarterly audit reports (titled Texas Title Insurance Guaranty Association Quarterly Reports): Audit reports include:
TDI compliance audits cover the following areas:
LicensingLists of all active title agents and escrow officers are on TDI’s website: https://appscenter.tdi.texas.gov/tdireports/p/externalReports To engage in the business of title insurance in a particular county, a title agent must:
Title agents submit all title agent and escrow officer applications and renewals to TDI. Any escrow officer who has not had an active escrow license within 60 days of the date TDI receives the application is required to submit fingerprints for a background report from Texas Department of Public Safety and the FBI. 28 TAC §1.503, §1.504. Management TDI collects background information on all owners, officers, managers, partners, and directors during the initial title agency application process and whenever ownership or management changes. Applicants provide employment history and answer questions about criminal history. New title managers have one year to take a professional training course for title agent management personnel if they have not taken it before becoming an on-site manager, or did not previously have five years’ experience as a Texas title agency manager. The course must comply with Basic Manual, P-28.B.5.
Continuing EducationEach active partner owning 10% or more of a title agent, and each sole proprietor, is required to take 10 hours of continuing education during the two-year renewal period. See Basic Manual, P-28.B. For renewal, a licensee must complete continuing education on a prorated schedule for each reporting period. The number of required credit hours are based on the reporting period from the issue date of the original license or the most recent renewal date, according to the following schedule for all licenses renewing on or after September 30, 2013.
License RenewalsEscrow Officers: When renewing escrow officer licenses, escrow officers must verify that they have met the continuing education requirements by submitting copies of the course completion certificates. The escrow officer must keep the original for four years. Basic Manual, P-28.A.12. All escrow officers licensed for at least 10 months must complete six or more hours of continuing education, depending on the length of time licensed. Basic Manual, P-28.A.3. Those hours must include at least one hour of ethics. Courses to meet the Ethics requirements must be accredited by either TDI or the State Bar of Texas. Title Agent: A title agent's license expires two years after the date of issuance. To renew any license, on or before the expiration date of the license, the title agent must submit to TDI the following:
For additional information, review the Administrative Rules in the Basic Manual
Statistical ReportsTitle agents and underwriters must annually submit statistical reports that TDI can use to set premium rates, including data on
See TIC §2703.153; Basic Manual, Texas Title Agent Statistical Plan. TDI publishes the results of these reports in the Texas Title Insurance Agent Experience Report Compilation and the Texas Title Insurance Industry Experience Report Compilation. Consumer ProtectionAnyone with a complaint about a Texas title agent may file a complaint with TDI. TDI investigates all complaints and works with title agents and complainants to resolve the issues. Complaints may be sent to Enforcement for further action. More information about TDI’s complaint process EnforcementConsumers, title agents and underwriters, and escrow officers are encouraged to report potential violations to TDI. TDI’s consumer complaint unit investigates these allegations and in turn transfers them to our enforcement or fraud units as warranted. TDI’s enforcement team may take disciplinary action against title agents who fail to follow TDI rules and statutes. Non-compliance may result in disciplinary action including revocation of the agent license, issuance of a cease and desist order, imposition of an administrative penalty, and ordering restitution. News releases and enforcement actions FraudTDI’s fraud unit investigates potential criminal activity. The unit's responsibilities include receiving and reviewing reports of fraud, initiating inquiries, and conducting investigations when TDI has reason to suspect insurance fraud. In addition, the unit actively seeks criminal indictments, makes arrests, and assists in prosecutions to deter insurance fraud in Texas. The unit investigates allegations such as schemes against consumers, individuals not properly licensed to do business in Texas, as well as internal complaints such as misuse of company funds and submission of falsified financial statements. More information about TDI’s fraud unit Return to Title Index How long does an insurance agent have to keep records in California?Under the broader rule of Title 10 California Code of Regulations section 2190.2, certain information must be kept for every insurance transaction for five years.
How long does an insurance agency have to keep records in Florida?626.748, F.S.) Every licensee shall preserve books, accounts, and records pertaining to a premium payment for at least 3 years after payment; provided, however, the preservation of records by computer or photographic reproductions or records in photographic form shall constitute compliance with this requirement.
How many years must a US insurance company maintain necessary records on transactions involving insurance products?The regulation requires records to be kept for at least six years after their filing date. advised that insurance policy records for employees be kept at least six years to ensure federal compliance. Retaining the right documents can make life much easier if a claim is filed.
How long do insurance agents have to keep records in Texas?Pursuant to Tex. Ins. Code Ann. §2704.001, evidence of insurability shall be preserved and retained in the files of the title insurance company, direct operation, or title insurance agent for a period of not less than fifteen (15) years after the policy or contract of title insurance has been issued.
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