Own Risk and Solvency Assessment Report:  The Connecticut Department of Insurance issued Bulletin FS-29 which discusses Public Act No.14-107 (the “Act”; effective January 1, 2015).  The Act requires certain domestic insurers, including title insurers, to submit to the Commissioner an Own Risk and Solvency Assessment (“ORSA”) Summary Report and any combination of reports that together contain the information described in the ORSA Guidance Manual that is applicable to such insurer and insurance group of which such insurer is a member. The ORSA report is defined under the Act as a confidential internal assessment conducted by an insurer or insurance group, appropriate to the nature, scale and complexity of such insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks. The date of submission of the report is dependent upon when the insurer or insurance group conducts its internal strategic planning process. The DOI is requesting that each insurer provide the DOI with at least 60 days advance notice of when the report will be filed. (


Mortgage Lending Licensing: The New Jersey Department of Banking and Insurance recently issued Bulletin 14-13 to all individuals and business entities licensed under the New Jersey Residential Mortgage Lending Act, advising them of information related to the renewal or expiration in 2015 of  licenses to transact mortgage-related activities in the state.  The bulletin also covers other general requirements that must be met, if applicable, for license renewal, including continuing education requirements, New Jersey Security and Financial Empowerment Act requirements, and the issuance of a new credit report (for qualified individuals and mortgage loan originators), among others.  (


Bank Examination Guidance to Impact Vendor Relationships: The New York State Department of Financial Services (“DFS”) recently issued an industry guidance letter to all DFS-regulated banks outlining the specific issues and factors on which those institutions will be examined as part of new targeted, DFS cyber security preparedness assessments. These banks will be examined on their protocols for the detection of cyber breaches and penetration testing; corporate governance related to cyber security; their defenses against breaches and the security of their third-party vendors, among other issues.  For title insurers and title producers who are service providers to these banks, the new DFS examination protocols should be expected to have an impact on their vendor relationships as these banks take steps to institute the new guidance. (


Escrow Practice Regulations: New regulations (Rule R592-16) recently became effective which identify and prohibit certain escrow practices involving two or more back-to-back sales and purchases of the same parcel of real property (“land flips”). The regulations specify that these practices involve sales and purchases of the same parcel of property where funds from the final purchaser are received by the initial seller despite the lack of contractual privity, and in cases where there is no statutory authority for the title insurer or producer to conduct such escrows. The rules apply to all title insurers, title insurance producers, and to all employees and other parties working on behalf of those entities, regardless of whether they are working for them full-time, part-time, or as independent contractors. (