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.


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

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. 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.