The Ohio Department of Insurance has released instructions for filing the 2011 annual review of title insurance escrow accounts.
The Department has streamlined the filing process by creating the 2011 Annual Title Agent/Agency Review Form (INS3283). This form replaces the old Appendix/Form A, Appendix Form B and Appendix/Form C, and along with filing instructions, can be downloaded from the Department’s website.
According to the instructions, filers of form INS3283 must complete sections 1, 2, 3 & 4 in their entirety. Section 4, entitled “Determination of Filing Status,” will assist agents and agencies in determining if they qualify for an exemption to the independent annual review requirement. Section 5 is to be completed by all agents and agencies who have independent annual review findings or by those who need to provide additional information regarding their filing. The instructions also reinforce that form INS3283 must be submitted by all title agents and agencies, even if a title agent or agency qualifies for an exemption. Further, if an individual holds both an individual and business entity license, two separate filings are required.
According to Ohio Revised Code 3953.33, every title insurance agent and agency that handles escrow, settlement, closing or security deposit accounts must have an independent annual review made of its accounts each year, unless the individual or entity qualifies for an exemption.
Specific questions regarding the 2011 Annual Title Filing process may be directed to the Department’s Enforcement Division at 614.644.2560 or ODI.Enforcement@insurance.ohio.gov.