Senators Reintroduce Optional Federal Charter Bill--Title Language Exclusion Added

May 30, 2007

Senators Tim Johnson (D-SD) and John Sununu (R-NH) reintroduced the "National Insurance Act of 2007" (S. 40). This bill would create a new federal insurance regulator within the Treasury Department and authorize an optional federal insurance charter for life and property/casualty insurers and agencies.

This year, language was added to the bill that would define title insurance (Section 3 (45)) and create a federal monoline limitation for property/casualty insurers (Section 3 (34). Although unlikely to move this Congress, should it happen, title insurance would be protected. ALTA remains opposed to a federal insurance charter at this time and belongs to a coalition of insurers, agents and consumer groups opposed to the creation of a new federal bureaucracy to regulate insurance. To read the bill go to this link:


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.