Bulletin: MD2012001

Date:
February 24, 2012
To:
All Maryland Issuing Offices
RE:
Title Insurance Producer License Reminder

Dear Associates:

This Bulletin is being disseminated to remind all Maryland title insurance issuing agents that they must submit all title insurance producer (TIP) and title insurance producer independent contractor (TIPIC) licenses to the Stewart District Office along with any new appointment requests. Additionally, Maryland law requires that all Maryland title insurance producers must notify the Maryland Insurance Commissioner and their title insurance underwriter(s) when a TIP or TIPIC leaves their employ:

Maryland Annotated Code, Insurance Article, § 10-121. Title insurance producers: 

*           *           * 

(l)  Notification of employment; exceptions to bonding requirement. –

(1)  A title insurance producer shall notify any title insurer with whom the title insurance producer holds an appointment whenever a person licensed under this subtitle becomes employed by, or associated with, the title insurance producer.

(m)  Leaving employment or ending association. –

(1)  A title insurance producer shall notify the Commissioner, and any insurer with whom the title insurance producer holds an appointment, if an individual licensed under this subtitle leaves the employment of or ends an association with the title insurance producer.

(2)  The title insurance producer required to provide notice under this subsection shall notify the Commissioner within 5 working days after the day the individual leaves employment or ends the association.

(3)  The notice required under this subsection shall be in writing and by certified mail.

Please forward any notices of TIP or TIPIC termination to:

The Maryland Insurance Administration
200 St. Paul Place, Suite 2700
Baltimore, Maryland 21202

            and

Stewart Title Guaranty Company
804 Landmark Drive - Suite 128
Glen Burnie, Maryland 21061 

Finally, please recall that it is the title insurance agency’s responsibility to verify that the TIPs and TIPICs are licensed in Maryland and have been properly appointed by the title insurer.

Please contact the State Agency Services office or Maryland State Counsel if you have any questions regarding this matter. 

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com

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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None