FAQs for Auditors

This month, we had our first monthly webinar on Agency Audits! We had a few stand-out questions that are listed below. In case you missed it, this webinar will be available on ezLearning for Old Republic Agents in the near future! 

Q1: If Old Republic conducts both our audit and the state audit, are we still required to file the report with the state within 60 days, or does ORNTIC submit the report directly to the state on our behalf? 

A1: Old Republic submits the report within the 60-day period, and you will also receive a copy with confirmation that the report was submitted on the agency’s behalf. 

Q2: If you reissue a check, does that start the 1-year clock over again for escheating purposes? Or is it 1 year from the day of settlement? 

A2: The “1-year” refers to the rule for Virginia settlement agents to escheat annually. All checks need to be followed up on within 60-90 days. If the checks are $100 or more then they are re-issued with the due diligence letter to document your file. If the payee does not respond to the re-issued check/due diligence letter and you have no other communications with the party, then that check is to be escheated.