Maryland Title Insurer's Review Report
  • Maryland Title Insurer's Review Report

    Pursuant to Regulations .01 - .08 under Code of Maryland Regulations (COMAR) 31.04.22 - Title Insurers
  • Format: (000) 000-0000.
  • Date of Review:
     - -
  • Was the audit conducted on-site or remotely?
  • Reconciliation Test Period:
     - -
  • Specific Findings:

  • Based on the title insurer's review, underwriting, and/or auditing guidelines, the following procedures have been performed and any exceptions or items that need more explanation related to Maryland accounts and transactions are disclosed in the Specific Findings section on the second page of the form.

  • 1. Obtained a listing of all bank accounts utilized by the agency, both active and dormant. Includes escrow, recording, premium, and operating. See Schedule A.
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  • 2. Obtained a listing of the licensed employees of the Principal Agent pursuant to COMAR 31.03.13.02 (producer register). See Schedule B.
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  • 3. Determined that trust deposits held on behalf of the title insurer are reasonably ascertainable from the books of account and records of the Principal Agent.
  • 4. Determined that the Principal Agent maintains a MAHT account and has filed the annual report as required by COMAR 31.16.03.0 6.
  • 5. Determined that the person responsible for reconciling the escrow accounts is not an authorized signer or initiator of wire transfers unless dual signatory or approval controls are in place.
  • 6. Verified, except as provided under Section I0-121(a)(3) of the Insurance Article, Annotated Code of Maryland, that only the licensed title insurance producers exercise control over trust money.
  • 7. Verified that premium monies are held separate from other funds or that Principal Agent has express written consent from title insurer to comingle premium monies with Principal Agent's operating funds.
  • 8a. Reviewed and tested the Principal Agent's 3-way reconciliations, or any other type of bank reconciliation available, for the below date for all title insurance escrow accounts.
     - -
  • 10. Reviewed and reconciled the Principal Agent's outstanding policy inventory.
  • 11. Verified that if the Principal Agent has authority from the title insurer to handle any aspect of a claim, they were in compliance with title insurer's policies and procedures for handling a claim.
  • 12. Verified Principal Agent was in compliance with title insurer's financial accounting requirements.
  • 13. Received a written certification from the Principal Agent with prescribed wording pursuant to COMAR 31.04.22.04B(7).
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  • This report is intended solely for the use of the title insurer, Principal Agent named above and the Maryland Insurance Administration (MIA) and is not intended/or any other purpose. Information contained in this report that is confidential, pursuant to the Maryland Public Information Act, General Provisions Article, Md. Code Annotated, will be maintained as such by the MIA.

    The title insurer that conducted the annual review is encouraged to review this report with the designated producer and owner of the Principal Agent prior to its submission to the Associate Commissioner for Market Regulation and Professional Licensing.

    Any exceptions to the findings in this report that are submitted by the Principal Agent to the Title Insurer should be attached to this report and submitted to the Associate Commissioner for Market Regulation and Professional Licensing. Reports may be submitted via mail to: Maryland Insurance Administration, 200 St. Paul Place, Suite 2700, Baltimore, MD 21202, Attn: Market Regulation and Professional Licensing. If protected by encryption software, reports may be sent via email to md_title_onsitereview.mia@maryland.gov. Reports that are not encrypted should not be sent electronically.

  • By signing below, I certify that:

    • I am an employee or designee of the title insurer named below;
    • I have verified the Principal Agent named above is licensed and appointee to sell title insurance and to perform settlements on Maryland property;
    • The title insurer named above performed the above-described annual review;
    • The Maryland Tille Insurer Review Report is accurate and complete to the best of my knowledge and belief; and
    • If submitted via email, this report is protected by encryption software.
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  • Format: (000) 000-0000.
  • Date of Certification:
     - -
  • Should be Empty: