The Ohio Department of Insurance (DOI) revised certain provisions of Ohio’s rule regarding the annual review of title insurance agent escrow accounts, which took effect Aug. 2 and apply to 2010 filings.
The amended language in rule 3901-7-01 contains a number of revisions, including:
- Removing the $500,000 exclusion to the review exemption for agents who average less than five transactions per month
- Providing a form for agents wishing to claim an exemption
- Allowing title insurance agents to file escrow account reviews, exemption claims, and all supplemental forms directly with the department instead of the underwriters.
- Detailing specifics on how to file the paperwork
Further changes include replacing appendices with three schedules:
- INS3283: Claim of Exemption
- INS3284 Form A: Depository Account Information
- INS3285 Form B: Insurance Information
- INS3286 Form C: Agent Explanations
Though the rule directs that information be filed electronically when possible, the DOI indicated that, due to technical difficulties, all information filed for the 2010 reviews should be submitted on paper.
The DOI needs to receive the 2010 “reviews,” which are actually agreed-upon-procedures reports, no later than Jan. 15, 2011. Only licensed CPAs can perform these “reviews”, which must comply with Statements on Standards for Attestation Engagements issued by the AICPA Accounting and Review Services Committee. All relevant professional requirements must be adhered to, including planning and review as required by a CPA firm’s quality control procedures.
Contact Steve Hombach, ODI legal counsel, at 614.644.2482 with questions regarding rule 3901-7-01.
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