State Regulators Discuss Innovation at Spring Meeting
April 11, 2017
State insurance regulators met April 8-11 in Denver for the National Association of Insurance Commissioners (NAIC) Spring National Meeting to discuss recent and future prospective innovations in the title insurance industry and opportunities for modernization.
Regulators discussed whether the NAIC should create a summary report of annual financial statement information for title insurers. They adopted a Title Insurance Consumer Shopping Tool to be a template for state insurance department websites. They also adopted revisions to Chapter 18 of the NAIC's Market Regulation Handbook. This chapter focuses on how regulators examine title underwriters and agents.
ALTA provided regulators with information about industry innovation along with updates about ALTA’s Best Practices, data security and remote electronic notarization. Click here to access materials from the meeting, including ALTA’s presentation.
Insurance commissioners also discussed cybersecurity. Regulators recently proposed a third draft model law on data security. New York's regulator urged the NAIC to adopt New York's recent regulation as an alternative to a model law. Comments on this idea and the third draft of the NAIC's model are due April 17. Click here for more information.
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