MO Insurance Bulletin 2020-11: Title insurers conducting “on-site” review during COVID-19 emergency

1 INSURANCE BULLETIN 20-11 Title insurers conducting “on-site” review during COVID-19 emergency Issued: May 12, 2020 The following Bulletin is issued by the Missouri Department of Commerce and Insurance (“Department”) to inform and educate the reader on the specified issue. It does not have the force and effect of law, is not an evaluation of any specific facts or circumstances, shall not be considered a statement of general applicability and is not binding on the Department. See § 374.015, RSMo. To: Title Insurers which have contracted with title agencies or agents From: Director Chlora Lindley-Myers Re: Title insurers conducting “on-site” review during COVID-19 emergency Section 381.023.1, RSMo requires that title insurers annually conduct “on-site” reviews of the underwriting, claims, and escrow practices of the title agencies or agents with which they have contracts. Title insurers have recently inquired about this requirement in light of the recommendations of the Centers for Disease Control (CDC) and Missouri Department of Health and Senior Services (DHSS). The CDC and DHSS recommend that individuals practice social distancing to the extent possible in order to mitigate the spread of the coronavirus responsible for COVID-19. To support the recommendations of the CDC and DHSS, and in the interest of the public health and safety, the Department invokes its authority under Executive Order 20-04 and temporarily waives the requirement under section 381.023.1 and 20 CSR 500-7.080(1) that duals practice social distancing to the extent possible in order to mitigate the spread of the coronavirus responsible for COVID-19. To support the recommendations of the CDC and DHSS, and in the interest of the public health and safety, the Department invokes its authority under Executive Order 20-04 and temporarily waives the requirement under section 381.023.1 and 20 CSR 500-7.080(1) that 2 the review called for under that statute and regulation be conducted “on-site.” Under this waiver, title insurers may conduct a portion of the review electronically, so long as the remaining requirements of section 381.023 and 20 CSR 500-7.080, including compliance with 20 CSR 500-7.080(3)(B) as it pertains to Section 14 of the Form T-6A are met, and the on-site portion of the review is completed by December 31, 2020. This waiver expires on June 15, 2020, unless extended in whole or in part by the Director. ###