Availability of On-Line Title Insurance Frequently Asked Questions (FAQs) and Reminder of Title Insurer Responsibilities

Arkansas Insurance Department Mike Beebe Julie Benafield Bowman Governor Commissioner 1200 West Third Street, Little Rock, AR 72201-1904 · (501) 371-2600 · (501) 371-2618 fax · www.insurance.arkansas.gov Information (800) 282-9134 · Consumer Services (800) 852-5494 · Seniors (800) 224-6330 · Criminal Inv. (866) 660-0888 BULLETIN NO.: 7-2008 DATE: March 26, 2008 TO: ALL TITLE INSURANCE AGENT AND INSURER LICENSEES, TRADE ORGANIZATIONS, NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, AND OTHER INTERESTED PARTIES FROM: ARKANSAS INSURANCE DEPARTMENT SUBJECT: AVAILABILITY OF ON-LINE TITLE INSURANCE FREQUENTLY ASKED QUESTIONS (“FAQs”) AND REMINDER OF TITLE INSURER RESPONSIBILITIES FAQs: This Bulletin announces the availability of a Frequently Asked Questions (FAQs) section on the Department’s Web site at: http://insurance.arkansas.gov/License/TitleFAQs.htm. The FAQs will provide guidance to title insurance agent and insurer licensees and other affected members of the title insurance industry as a result of the implementation of the Arkansas Title Insurance Act and the Department’s Rule 87 and Rule 88. Specifically, the FAQs address issues of licensing, continuing education, minimum search requirement, and closing protection letters. The FAQs section may be updated as new issues develop; consequently, it will be helpful to check our Web site for updates. Policy Requirement: Title insurers should be aware that every title insurance report or policy must be accompanied by the contact information for the Arkansas Insurance Department, Consumer Services Division, 1200 West Third Street, Little Rock, AR 72201-1904, (800) 852-5494 or (501) 371-2640. The required information may be attached to the policy by a sticker or by a separate form. No form filings are required in order to comply, unless the title insurer chooses to amend a policy or contract by endorsement to include this information. Appointments: Title insurers must ensure that every title agent writing business for their company is appointed. It is a requirement that the appointment information with the Department be current. Once title agents are licensed with this Department, the title insurer must appoint the individual and/or business entity by submitting a form and fee to the Department. This appointment certifies that Arkansas Insurance Department Bulletin No. 7-2008 Page 2 the insurance company has a business relationship with the business entity and/or individual. Title insurers are also required to file the appropriate forms with the Department when a termination of appointment occurs. All forms and instructions can be located on the License Division Web site at http://insurance.arkansas.gov/License/forms.htm. Any licensing questions should be directed to the Arkansas Insurance Department, License Division, 1200 West Third Street, Little Rock, AR 72201, at 501-371-2750 or e-mail to insurance.license@arkansas.gov. Insurers are required to furnish a copy of this Bulletin to all appointed title agents and title agencies. (signed by Julie Benafield Bowman) (3-26-08) ___________________________________ ______________________________ JULIE BENAFIELD BOWMAN DATE INSURANCE COMMISSIONER STATE OF ARKANSAS