report of the commissioner to study - Maryland Insurance ...

Appendix Appendix 3 3MARTIN O’MALLEYGovernorANTHONY G. BROWNLt. GovernorTHERESE M. GOLDSMITHCommissionerKAREN STAKEM HORNIGDeputy Commissioner200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202Direct Dial: 410-468-2217 Fax: 410-468-2245Email: tmarshall@mdinsurance.state.md.us1-800-492-6116 TTY: 1-800-735-2258www.mdinsurance.state.md.usTHOMAS MARSHALLAssociate CommissionerCompliance and EnforcementDATE: July 16, 2012TO: Maryland Title Insurance Agency / Designated Licensed Responsible ProducerRE: Attached Survey on the Closing or Settlement Protection Practices - StudyPlease return the attached completed Survey and certification to Adam Zimmerman by close ofbusiness on Monday, July 30, 2012. Information may be sent electronically to Mr. Zimmermanat titlesurvey@mdinsurance.state.md.us or through the mail to the Maryland InsuranceAdministration at the address listed in the letterhead above, attention Adam Zimmerman.Questions may be directed to Thomas Marshall, Associate Commissioner for Compliance andEnforcement at (410) 468-2217 or tmarshall@mdinsurance.state.md.us.During the 2012 Maryland legislative session, the General Assembly enacted House Bill 866,Ch. 683, Acts 2012, (the “Act”) entitled “Title Insurance – Closing or Settlement ProtectionPractices – Study” for the purpose, as stated in the Bill at § 1(a)(1), of requiring the “MarylandInsurance Commissioner to study closing or settlement protection practices of the title insuranceindustry, including mechanisms for, and associated costs of, compensating consumers, titleinsurers, mortgage lenders, and other parties for monetary losses that result from the theft,misappropriation, or misuse of funds held in escrow by a title insurance producer in connectionwith a real estate transaction; and (2) make recommendations for changes to the closing andsettlement protection practices of the title insurance industry in the State.”In accordance with the Act, which became effective on July 1, 2012, and pursuant to §2-206 ofthe Insurance Article, Md. Code Ann., (the “Insurance Article”), 1 and Code of MarylandRegulations (“COMAR”) 31.04.20, the Maryland Insurance Administration (“MIA”) is conductinga survey of all Maryland title insurance agencies. Data supplied to the Insurance Commissioneris confidential commercial data protected under State Government Article §10-617(d), andInsurance Article §2-209(g), except when aggregated with data from other title insuranceagencies in a manner that does not permit any individual title insurance agency’s information tobe identified.Thank you in advance for your immediate attention to this request and your cooperation.1 Unless otherwise noted, all statutory citations are to the Insurance Article of the Annotated Code of Maryland.