Policy Reporting Requirements
Effective January 1, 2012, every title insurance underwriter will have to collect new data for the National Association of Insurance Commissioners (NAIC) and the Florida Office of Insurance Regulation (OIR).
Specifically, the underwriters have to report whether the property that is the subject of each title insurance policy is "residential" or "non-residential." THE FUND WILL HANDLE THIS REPORTING TO THE UNDERWRITER FOR ITS MEMBERS, there is nothing we are requiring of you at this time.
We are providing you with this notice to avoid confusion over whether you must comply with an alert sent by the Tampa office of Old Republic. That alert advises agents how to use ezJacket, its policy management program, or how to make a designation on Schedule A of the policy being remitted if ezJacket is not utilized.
As stated previously, The Fund will be aggregating the information provided by DoubleTime, ePolicy Manager, and the rating worksheets to provide this information. DoubleTime and our internal systems have been updated to capture the required data.
Fund members with DoubleTime should have the current DoubleTime release, 5.1.8. Fund members do not need to make any additional changes in submitting policies through The Fund.
Should you have any questions or comments on this, please call Fund Underwriting at
800-432-9594 or send an E-mail to: underwriting@thefund.com.
Please provide a copy of this Alert to your staff so they can read it and become aware of its contents.
Should you have any questions please call The Fund's Underwriting Department at 800-432-9594 or send an E-mail to: underwriting@thefund.com.
12/20/2011
