Title Insurance Issues | Pennsylvania Title Insurance Continuing Education

SOURCE Pennsylvania Department of Insurance

HARRISBURG, Pa., May 7 /PRNewswire-USNewswire/ — Insurance Commissioner Joel Ario today announced that the Insurance Department will hold a public informational hearing on title insurance at 10 a.m. on Thursday, May 28, in Hearing Room 4 of the Keystone Building, 400 North Street, in Harrisburg.

Topics discussed at the hearing will range from the basic structure of the product, the pricing of the product and the relationships between the title insurance companies and those who sell the product. Consumers and those from the title industry who are interested in testifying are encouraged to attend.

The department is charged with overseeing the title insurance business in Pennsylvania, including rates and policy forms, licensing of companies and title agents and market practices relating to title coverage. At the present time, an overall rate level increase of 4.1 percent is pending on behalf of the Title Insurance Rating Bureau of Pennsylvania.

Information about the upcoming hearing and related materials are available for review on the department’s Web site. Interested parties should visit www.insurance.state.pa.us, go to “Topical Information” on the right side of the site and click on “Title Insurance Hearing.”

EDITOR’S NOTE: The following information outlines the specifics about the public informational hearing:

The hearing will be held at 10 a.m. on Thursday, May 28, in Hearing Room 4 of the Keystone Building, 400 North Street, Harrisburg. Individuals wishing to testify may contact the department’s Office of Insurance Consumer Liaison and Market Analysis, 1326 Strawberry Square, Harrisburg, PA 17120, (717) 525-5884, or ra-in-consumerliaison@state.pa.us.

If hearing impaired, please call the department’s TTY/TDD telephone number (717) 783-3898. The deadline for written comments is June 4, 2009. Also, individuals may appear at the hearing without advance notice. They will be permitted to testify after all individuals scheduled in-advance has testified. Oral testimony will be limited to a 10-minute presentation. The department requests that individuals provide a written copy of their testimony the day of the hearing. Written testimony can be of any length.

CONTACT: Rosanne Placey or Melissa Fox
717-787-3289

SOURCE Pennsylvania Department of Insurance

Is your E and O coverage written on a claims made and reported policy form? Do you even know what that means? Apparently a claims made and reported policy form covers you for errors or omissions which are first made and reported during the policy period, as long as the act leading to the claim took place AFTER your retroactive or prior acts date listed in your policy. The retroactive or prior acts date is the most important feature of any E&O policy. I didn’t know there was such a thing as a retroactive or prior acts date in my policy, did you? I thought title insurance was complicated. I figured if I made a mistake or even if I didn’t but somehow got caught up in a claim, my e and o would cover me. Seems there is some important stuff in the fine print.
Nevemind, just call Robin and she will explain it to you and make sure you are covered for the best price.

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