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Indiana Department of Insurance Letter of Introduction from the IDOI
Click here Click here for the IDOI website Click Here for Title Insurance Enforcement Actions There is an official title division button on the IDOI website! Title Insurance Enforcement Fund This section of HEA 1114 introduces the new Title Insurance Enforcement Fund. You are required to charge $5.00 for each title insurance policy issued. For example, if there is a lenders policy and an owners policy sold simultaneously the enforcement fund fee would be $10.00. This fee is to be charged to the purchaser of the title insurance policy and documented in the 1100 block of the HUD-1. This is a separate fee and can not be added to the title insurance premium. Title Insurance agents need to remit this fee to the underwriters along with the policy premium. The Indiana Department of Insurance will receive $3.00 for each policy and the Underwriter will retain $2.00 for administrative costs. This section of HEA 1114 is effective July 1, 2006. SECTION 5. IC 27-7-3.6 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2006]:
Chapter 3.6. Title Insurance Enforcement Fund
Sec. 1. The title insurance enforcement fund is established for the following purposes:
(1) To provide supplemental funding for department operations that are related to title insurance.
(2) To pay the costs of hiring and employing staff in the area of enforcement of title insurance law.
Sec. 2. The title insurance enforcement fund shall be administered by the commissioner. The expenses of administering the title insurance enforcement fund shall be paid from money in the fund.
Sec. 3. The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested.
Sec. 4. Money in the fund at the end of a state fiscal year does not revert to the state general fund.
Sec. 5. The budget agency may augment the appropriation for the department of insurance from balances in the fund.
Sec. 6. The following shall be deposited in the title insurance enforcement fund:
(1) Policy reporting fees remitted by title insurers to the commissioner under section 7 of this chapter.
(2) All fines, monetary penalties, and costs imposed upon persons by the department as authorized by law for violation of IC 27-7-3.5.
(3) Other amounts remitted to the commissioner or the department that are required by law to be deposited into the title insurance enforcement fund.
Sec. 7. (a) A person that purchases a title insurance policy shall pay to the title insurer that issues the title insurance policy a fee of five dollars ($5) as a fee for the title insurance enforcement fund at the time of payment for the title insurance policy.
(b) A title insurer shall:
(1) retain two dollars ($2) of the fee collected under subsection (a) as an administrative fee; and
(2) pay to the department three dollars ($3) of the fee collected under subsection (a) for deposit in the title insurance enforcement fund.
Click here for a full version of HEA1114 ILTA Grievance Committee
If you need to make a complaint towards an ILTA member,
please email us at ilta@indianalandtitle.org and we will
forward it to the grievance committee chair.
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