Best Practice #1: Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services.
Purpose: Maintaining state mandated insurance licenses and corporate registrations (as applicable) helps ensure the Company remains in good standing with the state.
Alliance Abstract and Title Policies and Procedures for Implementation and Adherence to Best Practice #1:
1. Alliance Abstract and Title establishes and maintains the following
a. Applicable business License(s).
b. Compliance with Licensing, registrations, or similar requirements with the applicable state regulatory department or agency.
c. Appropriate compliance with ALTA’s Policy Forms Licensing requirement.
2. All required licenses, state regulatory licenses, registrations or similar requirements and ALTA forms licenses are obtained in a timely manner and documented in a log which includes at a minimum licensee, license type, license number, expiration/renewal date.
3. The log is reviewed and updated at a minimum of monthly to ensure accurate and timely tracking and renewal of licenses.
4. The Principals and Employees of Alliance Abstract and Title shall:
a. Maintain the necessary qualifications and requirements to obtain and maintain each required license.
b. Pay, in a timely manner, any and all fees necessary to maintain each required license.
c. Perform any and all professional training necessary to maintain each required license.
5. Each Licensee that fails to perform all of the requirements necessary shall be prohibited from performing such functions for which the license is required, until such time as the license is restored.