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.)