DC: Title Insurance Act: DISB has issued a Memorandum dated December 2, 2010
The DC Department of Insurance, Securities, and Banking (“DISB”) has indicated that it will be issuing an "Emergency Rule" that would permit those title insurance rates in effect on December 1, 2010 until March 31, 2011. Note that there is no similar transition period for forms. Beginning January 1, 2011 NO forms may be used unless approved by DISB. To date, only 5 underwriters have filed their forms. The memo says that forms filed by December 17 will be approved by December 31 (as long as they comply with the requirements of the Title Act). The Memorandum reminds all about license and examination requirements (but is mysteriously silent about the pre-licensing course required by the Act). Producer licenses will be good for 2 years and expire on the birth month of an individual or on May 31 for firms.
To read full article, please click here.