Title insurers and title agents: Fees for supervision and examination by Commissioner; standards for determining adequate supervision of title agents and escrow officers.
1. The Commissioner shall establish by regulation the fees to be paid by title agents and title insurers for their supervision and examination by the Commissioner or his representative.
2. In establishing the fees pursuant to subsection 1, the Commissioner shall consider:
(a) The complexity of the various examinations to which the fees apply;
(b) The skill required to conduct such examinations;
(c) The expenses associated with conducting such examinations and preparing reports; and
(d) Any other factors the Commissioner deems relevant.
3. The Commissioner shall, with the approval of the Commissioner of Financial Institutions, adopt regulations prescribing the standards for determining whether a title insurer or title agent has maintained adequate supervision of a title agent or escrow officer pursuant to the provisions of this chapter.
Last modified: February 27, 2006