December 20, 2011
The NAIC Title Insurance Task Force is looking at solvency issues in title insurance, including risk-based capital requirements and financial examination guidelines. The California Insurance Department is in the middle of the efforts.
California Insurance Commissioner Dave Jones is the chair of the NAIC Accounting Practices and Procedures Task Force and has been asked to look at accounting standards for title insurers' liabilities and assets. Al Bottalico, chief of the Field Examination Division of the California Department of Insurance and chair of the Financial Examiners Handbook Technical Group was also contacted by the Title Insurance Task Force concerning risk-based financial examination guidelines.