OLD REPUBLIC TITLE UPDATE

In the news ...   Thursday, December 22,  2011

  

NEW REPORTING REQUIREMENT REQUIRED BY THE NAIC


 

 

PLEASE READ IMMEDIATELY:

NEW REPORTING REQUIREMENT REQUIRED BY THE NAIC;

EZJACKET WILL CHANGE ON THURSDAY, DECEMBER 22, 2011

 

 

Effective January 1, 2012, the National Association of Insurance Commissioners ("NAIC") requires that all property reported for title insurance policies be designated as either "residential" or “commercial".  In order to meet this new requirement we will be changing some of the fields in the E Remit program.  Attached is a memo from our Home Office detailing the changes to how you will complete the information for EZRemit.

 

For purposes of this new reporting requirement, a "residential" designation will be appropriate for any policies that insure the title to real property having a house, individual condominium unit, mobile home permanently affixed to real estate, or other dwelling unit intended principally for the occupancy of from one to four (1–4) families.

 

A "commercial" designation would be appropriate for any residential property that can hold five or more families, any commercial property, undeveloped lots, or real estate intended principally for business, commercial, industrial, religious, educational or agricultural purposes even if some portion of the real estate is used for residential purposes as a Non-Residential Property.  

 

If you do not remit through the EZRemit program, you will need to put an “R” or “C” depending on the property classification in the upper right-hand corner of the policy or settlement sheet you are submitting to us with your payment. 

 

Thank you in advance for your assistance in meeting this new requirement imposed on  our industry by the NAIC.  Should you have any questions, please do not hesitate to contact Linda Webber in our Dover office at (302) 734-3570 or Teresa Wright in our Wilmington office at (302) 661-1997.  (See Attachment.)

 

 

Please note that this Bulletin is for Old Republic agents and employees only and may not be disseminated, emailed or distributed to third parties without consent of Old Republic Tile.


 

 

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Pennsylvania

1200 Liberty Ridge Drive
Suite 100

Wayne, PA  19087

(610) 251-1160

(800) 842-2080

(610) 644-1408 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805

(814) 238-3600

(814) 238-3604 - fax

 

790 Holiday Drive
Third Floor
Pittsburgh, PA 15220
877-596-1260
412-921-6417 - fax

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

920 N. King Street

Suite 414

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

Maryland

Columbia Corporate Park

8840 Stanford Blvd.

Suite 4500

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

Virginia

9303 Center Street

Suite 101

Manassas, VA  20110

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive
Richmond, VA 23235
(804) 897-5499

(804) 897-9679 - fax

 

1800 Bayberry Court
The Meridian Building,
Suite 104
Richmond, VA 23229
(804) 441-6112
(804) 441-6050 - fax

 

Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance   Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.