- August 30, 1999
- All Issuing Offices in Missouri
- Licensing of Agents and Agencies
Section 381.031(17), Revised Statutes of Missouri defines a "title agent" or "title insurance agent" as:
"...any authorized agent of a title insurer or representative of the title agent or agency who acts as a title agent in the solicitation of negotiation for, or procurement or making of any title insurance contract. The following persons are not title agents or title insurance agents:
(a) Approved Attorneys;
(b) Salaried offices or employees of title insurers, title agents or title insurance agencies who do not do any of the following:
a. Establish premiums for policies of title insurance;
b. Determine insurability; or
c. Issue commitments, policies or other contracts of title insurance"
The State of Missouri Department of Insurance (the "Department") interprets this section to include anyone employed by an agent who determines insurability. Further, the Department construes determining insurability to include the job functions of title searcher, title examiner, and any closing activity where an employee discusses coverage issues and modifies the insurance contract by deleting or adding matters to the title commitment.
In light of the foregoing, we suggest that you review the status of each of your employee's job duties and functions, and verify that all associates who fall within the definition of Section 38.031(17) are properly licensed.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.