The state’s Department of Financial Services issued final regulations Wednesday aimed at stopping “unscrupulous practices” in the title insurance industry.
One of the finalized regulations clarifies the rules around marketing expenses, including meals, entertainment and ancillary fees that title agents or title insurers may charge a customer at closing. Another regulation finalized by the state agency requires title insurance companies and agents that generate a portion of their business from affiliations to function separately and independently from any other affiliates. Title insurance companies and agents must be able to accept business from other sources as well.
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