N.M. Admin. Code § 13.14.2.12 - TITLE INSURANCE AGENCIES CEASING OPERATION
Prior to ceasing the business of title insurance, an agency shall comply with the following requirements:
A. Forty-five days prior to its ceasing of
operations, the agency shall notify each of the following of the cessation
date:
(1) OSI title insurance
bureau;
(2) all appointing title
insurers; and
(3) the public by
prominently displaying on the front of the business and on the landing page of
the agency website, a notice reading, "Notice: this title insurance agency will
cease operations on "."
B. The agency and its appointing insurers
shall conduct a final audit of the agency's trust fund accounts, the records
pertaining thereto and the unused forms in the agency's possession.
(1) The final audit and final accounting
required by this section shall be delivered to OSI and to each appointing
insurer within 90 days after the agency ceases operations.
(2) If an appointing title insurer does not
receive a final audit report within 90 days, the title insurer shall:
(a) report the non-receipt to OSI not later
than the 100th day after the cessation date; and
(b) use its best efforts to complete and
submit a final audit to OSI within 150 days of the cessation date. The title
insurer shall provide written explanation and justification to OSI documenting
those portions of the final audit that the title insurer was not able to
complete, and describing the records and personnel available to the title
insurer and the efforts used in the attempt to complete the final
audit.
C. No
later than 10 days after providing notice to OSI, the agency shall confer with
OSI to develop a wind down plan. If the agency does not fulfill this
requirement, OSI will contact each appointing insurer of that agency, who shall
make arrangements satisfactory to OSI for the collection and preservation of
the agency records.
D. The
affiliation of any licensed title insurance agent employed by an agency who
ceases business shall automatically terminate upon cessation of the
business.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.