Tag Archives: ALTA Best Practice

Title Insurance Issues

ALTA Best Practice #6

ALTA Best Practice #6 is Maintaining the correct professional insurance and fidelity bond coverage.

The correct levels of professional insurance and fidelity coverage allow for companies and settlement companies to maintain the financial capacity to guarantee their professional services.  In some states laws have been created which require a certain level of professional insurance and fidelity coverage, as well as errors or omissions insurance and surety bonds.  This could also be found in some insurance underwriting agreements.

Your agency should keep up to date with all professional liability insurance and errors and omissions insurance

Make sure your company follows state laws and obligations of insurance underwriting agreements by having the correct levels of professional insurance, fidelity coverage, errors and omissions insurance and surety bonds.

Learntitle has worked with Streamline consulting to develop a continuing education course that explains all of the ALTA Best Practices.  Click here to enroll and learn more.

Title Insurance Issues

ALTA Best Practice #5

Alta Best Practice #5 deals with Policy Production. It says:

Keep up to date procedures regarding title policy production, delivery, reporting and premium remittance.

The reason for this is to Eestablish and keep up to date procedures for the production, delivery, reporting and remittance of title insurance policies which will allow title companies to meet all legal and contractural obligations.

Steps for achieving compliance with Best practice #5

1. All title insurance policies are issued and delivered to clients in a timely manner, within 30 days of the date of settlement, in order to meet state, regulatory and contractual obligations.

2. Title insurance policies are ALWAYS reported and remitted to an underwriter in a timely fashion, in order to satisfy state, regulatory and contractual obligations.

3. You must report and remit policies to an underwriter, with copies, the last day of the month after the settlement of an insured transaction.

Learntitle has collaborated with Streamline Consulting to develope an overview of all the Best Practices. We expect that course to be available soon for continuing education credit.

Title Insurance Issues

ALTA Best Practice #3: Protecting NPI

This particular Best Practice seems to be creating the most buzz. What exactly is NPI? What is the best way to protect it? What is it going to take to be compliant? What are your thoughts.

Non-public Personal Information (NPI)

Personally identifiable data, for example: information provided by a customer on a form or application, information about a customer’s transactions, or any other information about a customer which is otherwise unavailable to the general public. NPI includes first name or first initial and last name coupled with any of the following: Social Security Number, driver’s license number, state-issued ID number, credit card number, debit card number, or other financial account numbers.

Best Practice

Adopt and maintain a written privacy and information security program to protect NPI as required by law.

Reason

Federal and state laws require title companies to develop a written information security program that explains how NPI is protected.

For more information about all the ALTA Best Practices and also 1 credit of title insurance continuing education, enroll in the ALTA Best Practice course at Learntitle. Click Here to Enroll