3-5-1 Update in Brief 

By Meghan Pfanstiel, LTAC  Executive Director

 

On March 28th, we received the following update from the Division of Insurance, as did many others: 

Thank you for attending the March 17, 2014 title insurance meeting. The Division of Insurance (Division) appreciates all of your comments and feedback received regarding the title industry and the proposed amendments to regulation 3-5-1. As was announced at the meeting, the Division is withdrawing the proposed amendments to regulation 3-5-1 and the current version of 3-5-1, with an effective date of May 1, 2010, is still in effect. 

The Division will be reviewing 3-5-1 and is considering promulgating multiple regulations in order to reduce the complexity of regulation 3-5-1 and to provide better clarity and understanding of the rules. The Division anticipates forming small work groups that will work on each new regulation and the revision of what remains in regulation 3-5-1. More information regarding the small work groups will be announced at a later date. In addition, all new rules and revisions to regulation 3-5-1 will be provided to interested parties as the process moves forward.  

In our discussions with the Division it is our understanding that they are looking to tackle the rates and fees section of
3-5-1.  What form it will take or exactly how soon, we do not know yet.   As more information comes in.  Please watch your email for alerts.

 

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