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Appendix 1MARTIN O'MALLEY, Governor Ch. 683(2) title insurance producers;(3) mortgage lenders;General;(4) the Division of Consumer Protection of the Office of the Attorney(5) the real estate industry; and(6) the Maryland Real Estate Commission.(d) On or before December 1, 2012, the Commissioner shall report to theSenate Finance Committee and the House Economic Matters Committee, inaccordance with § 2–1246 of the State Government Article, on the findings andrecommendations of the study conducted by the Commissioner under this section.5–207.Article – Insurance(A) (1) IN ADDITION TO THE RESERVES REQUIRED UNDER § 5–206 OFTHIS SUBTITLE, A DOMESTIC TITLE INSURER SHALL SET ASIDE, AS A RESERVEFOR LOSSES ARISING FROM CLOSING AND SETTLEMENT PROTECTION UNDER§ 22–104 OF THIS ARTICLE, ONE–HALF OF ALL PREMIUMS AND FEES FORPROVIDING THAT PROTECTION IN THE STATE OR ANY OTHER JURISDICTIONUNTIL THE RESERVE HAS A MINIMUM BALANCE OF:(I) $6,000,000 IF THE TITLE INSURER, AS OF THEPRECEDING DECEMBER 31, HAD SURPLUS AS REGARDS POLICYHOLDERS OFLESS THAN $5,000,000;(II) $4,000,000 IF THE TITLE INSURER, AS OF THEPRECEDING DECEMBER 31, HAD SURPLUS AS REGARDS POLICYHOLDERS OF ATLEAST $5,000,000 AND LESS THAN $10,000,000; OR(III) $2,000,000 IF THE TITLE INSURER, AS OF THEPRECEDING DECEMBER 31, HAD SURPLUS AS REGARDS POLICYHOLDERS OF ATLEAST $10,000,000 AND LESS THAN $15,000,000.(2) A DOMESTIC TITLE INSURER WITH SURPLUS AS REGARDSPOLICYHOLDERS OF AT LEAST $15,000,000 MAY NOT BE REQUIRED TOESTABLISH A RESERVE UNDER THIS SECTION.(B)FOLLOWS:THE AMOUNT SET ASIDE IN RESERVE SHALL BE RELEASED AS– 3 –
Appendix 1Ch. 6832012 LAWS OF MARYLAND(1) IMMEDIATELY ON THE OCCURRENCE OF A LOSS ARISINGUNDER § 22–104 OF THIS ARTICLE IN AN AMOUNT NOT TO EXCEED THE AMOUNTOF THE LOSS; OR(2) OVER A 4–YEAR PERIOD, 25% OF THE AGGREGATE AMOUNT OFTHE RESERVE DEPOSITED IN THE RESERVE IN EACH OF THE 4 YEARSPRECEDING THE RELEASE AS OF JULY 1 OF THE RELEASE YEAR, LESS ANYAMOUNT NEEDED TO MAINTAIN THE MINIMUM REQUIRED BALANCE.(C) A DOMESTIC TITLE INSURER THAT HAS PLACED FUNDS IN RESERVEMAY WITHDRAW THE ENTIRE RESERVE UNDER SUBSECTION (B)(2) OF THISSECTION IF:(1) THE TITLE INSURER MAINTAINS A SURPLUS AS REGARDSPOLICYHOLDERS OF AT LEAST $15,000,000;(2) A FINAL ORDER OF LIQUIDATION OF THE TITLE INSURER ISENTERED; OR(3) THE TITLE INSURER VOLUNTARILY RELINQUISHES, ORCOMPLIES WITH A FINAL ORDER OF SURRENDER OF, ITS CERTIFICATE OFAUTHORITY TO CONDUCT BUSINESS IN THE STATE.22–102.(a) Except as provided in subsection [(d)] (E) of this section, when, inconnection with a real estate transaction that involves a purchase money mortgage ordeed of trust on land in the State, a title insurer accepts a premium for a policy thatinsures the title to the property or the title insurer, its agent, or employee accepts apremium for mortgagee title insurance, the person first accepting the premium:(1) shall insert the name of each insured in the binder for the titleinsurance or the title report; and(2) immediately on receipt of the premium, shall deliver to the buyeror agent or attorney of the buyer written notice:(i)(ii)of the name of each insured under the policy;of the face amount of the policy;(iii) of the buyer’s right and opportunity to obtain simultaneoustitle insurance in the buyer’s favor;– 4 –
Page 2 and 3: Report of the Study ofClosing or Se
Page 4 and 5: TABLE OF CONTENTSI. EXECUTIVE SUMMA
Page 6 and 7: Although in a minority of states an
Page 8 and 9: or misuse of closing or settlement
Page 10 and 11: (4) Division of Consumer Protection
Page 12 and 13: title insurance producer or agency
Page 14 and 15: As part of its Insurer Survey, the
Page 16 and 17: or dishonest practices, the underwr
Page 18 and 19: eported having a least one escrow a
Page 20 and 21: ond also may be purchased by an und
Page 22 and 23: 4. Other Protection Available to Un
Page 24 and 25: 1. Preventive MeasuresProducer Lice
Page 26 and 27: lender’s funds or documents. The
Page 28 and 29: In the event of the insolvency of a
Page 30 and 31: insurance task force. The informati
Page 32 and 33: in excess of 20 cents in claims on
Page 34 and 35: create an environment vulnerable to
Page 36 and 37: Appendix 1MARTIN O'MALLEY, Governor
Page 44 and 45: AppendixAppendix22MARTIN O’MALLEY
Page 46 and 47: Appendix 2c. If you answered “No
Page 48 and 49: Appendix 2Certification of Informat
Page 50 and 51: Appendix 2QUESTION #3Schedule BStat
Page 52 and 53: Appendix 3
Page 54 and 55: Appendix 3SURVEYTitle Insurance - C
Page 56 and 57: Appendix 3a. Does your title insura
Page 58 and 59: Appendix 3QUESTION # 2Schedule ADor
Page 60: Appendix 3QUESTION # 10Schedule CMi

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