Title Insurance Agent Model Act and Title Insurer Model Act
In an effort to minimize losses to consumers arising out of defalcations and other improper acts by title insurance agents and closing agents the Minnesota Department of Commerce has floated the concept of adopting the NAIC Model Title Insurer Act and the Model Title Insurance Agent Act or suitable alternatives.

Potential minimum capitalization and bonding requirements and additional scrutiny in the form of some kind of additional auditing are a likely result and may pose a concern, especially to small agents. The State of Minnesota's Department of Commerce has sent the following Acts to MLTA for it to review:

Title Insurance Agent Model Act 10-03  
Title Insurer Model Act 10-04

The MLTA will be holding a meeting at 2:15 p.m. on July 13, 2010 to discuss the Acts. All MLTA members are invited to participate. Space is limited; using the conference call-in option is encouraged. 

Tuesday, July 13, 2:15 p.m.
France Place
3601 Minnesota Drive, Bloomington, MN 55435
Conference Dial-in Number: (877) 216-1555
Participant Access Code: 254137#

Registration is not required.