Wash. Admin. Code § 284-29-160 - Recordkeeping
(1) A title
insurance agent must keep and maintain complete and accurate records of the
names and business addresses of those persons who have had a financial interest
in the title insurance agent who are reasonably known or reasonably believed by
the title insurance agent to be producers.
(2) A title insurance agent must keep and
maintain records of its title orders sufficient to identify the source of the
title orders.
(3) The records
required by WAC
284-29-100 through 284-29-160
must be kept by the title insurance agent for a period of three years after the
end of the year being reported upon.
(4) All records of a title insurance agent
kept pursuant to WAC
284-29-100 through
284-29-160 must be available to the commissioner or the commissioner's
representative during regular business hours.
(5) Title insurance companies and agents
shall store these records in this state, unless otherwise approved by the
commissioner in accordance with
RCW
48.29.190.
(a) Title insurance companies and agents must
request approval from the commissioner prior to storing their records outside
of the state. Requests shall be emailed to prod-comp@oic.wa.gov.
(b) The commissioner will review and consider
approval of the out-of-state title records storage if the records are readily
accessible, securely stored, and maintained by the required statutory
terms.
(c) If the title insurance
company or agent plans to change the approved location of the out-of-state
record storage, notification to the commissioner is required and reapproval
must be granted prior to the change.
(d) Out-of-state record storage must comply
with the security and data breach reporting requirements in WAC
284-04-625.
Notes
Statutory Authority: RCW 48.02.060, 48.29.005, and 48.29.015. 09-20-070 (Matter No. R 2008-22), § 284-29-160, filed 10/5/09, effective 11/5/09.
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