- October 01, 2009
- All Indiana Issuing Offices
- Licensing Requirements for Persons Who Conduct Real Estate Closings Involving Indiana Property
On December 6, 2005, the Indiana Department of Insurance (IDOI) issued Bulletin 135 stating that "Any person who conducts a real estate closing on behalf of a title insurance producer or title insurance company in which a title insurance policy is issued or to be issued must be a licensed title insurance producer."Bulletin 135 defines conducting a real estate closing as engaging in any of the following activities:
1) Activities to determine proper execution, acknowledgment and delivery of all conveyances, mortgages documents and other title instruments necessary to consummate a transaction;
2) Activities to ensure consideration has been passed and all proceeds have been properly accepted and properly disbursed; or
3) The preparation of settlement or closing statements in connection with the transaction
The IDOI has recently interpreted Bulletin 135 to apply to any real estate transaction in which a title insurance policy is issued or to be issued on Indiana property. As a result, any person that engages in any of the above-described activities, in or outside the state of Indiana, must be licensed as an insurance producer by the IDOI if Indiana property is involved and a title insurance policy is to be issued.
To view Bulletin 135 in its entirety, go to the following link:
For information on obtaining your Title Insurance Producer license in Indiana, go to the following link:
If you have questions relating to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.
For on-line viewing of this and other bulletins, please log ontowww.vuwriter.com.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.