Yesterday, NAILTA President, Anthony L. Affatati, was invited to address the National Association of Insurance Commissioners (NAIC) in Washington DC during their Fall Meeting. NAIC is the consortium of each state’s department of insurance regulator which helps to draft rules regarding the industry. Currently, NAIC is working on draft rules regarding escrow account theft and increasing the role of regulators in the title insurance industry.
Our President gave an impassioned speech to NAIC on the issue of affiliated business arrangements and the harms those entities cause to competition and prices in the title insurance industry. NAILTA is seeking to help improve the role of the independent settlement service provider in regulating the industry. Historically, the information provided to NAIC has consisted of information most favorable to the conditions of the underwriter without a greater understanding of the roles played by agents. NAILTA seeks to change that.
To read Mr. Affatati’s remarks from yesterday, please click here.