TITLE POLICY PRODUCTION
Best Practice #5: Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
Purpose: Adopting appropriate procedures for the production, delivery, and remittance of title insurance policies helps ensure title companies can meet their legal and contractual obligations.
Alliance Abstract and Title Policies and Procedures for Implementation and Adherence to Best Practice #5: Alliance Abstract and Title’s policy is to deliver all policies to customers within the guidelines set forth by the underwriters’ agency contracts. Policies are prepared and delivered following review that all terms and conditions of the title insurance commitment have been satisfied and all closing documents and necessary releases have been recorded.
If an Issuing Agent:
1. Policy Issuance
Title insurance policies are Issued and delivered to customers within thirty days of the later of (i) the date of Settlement, or (ii) the date that the terms and conditions of the title insurance commitment are satisfied.
2. Underwriter Reports and Remittance
By the last day of the month following the month in which an insured transaction was settled, Alliance Abstract and Title:
a. Reports to the title insurance underwriter all of the policies issued during the current month.
b. Remits to the title insurance underwriter all of the premiums and fees collected and due to the title underwriter.