Bulletin No. 2011-04 — Closing or settlement protection compliance
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Governs requirements for Alabama-licensed title insurers offering closing or settlement protection under Ala. Code § 27-3-6.1 (2011); affects all Alabama-licensed title insurers and parties to covered transactions.
No material clinical or coverage changes in this revision.
Closing or Settlement Protection Requirements
Closing/Settlement Protection Requirements
Requirements and conditions under which closing or settlement protection may be offered:
ALL of the following
- A written statement or notice must be furnished to each party to the transaction (sellers, purchasers, and lenders).
- Each party must express in the statement or notice a desire to buy or to decline closing or settlement protection.
- The written statement or notice must be signed by each party.
Filing, Fees, and Notices — Provider Responsibilities
SERFF filing and fee approval required for forms and fees
All title insurance forms, including closing or settlement protection, must be filed through SERFF and submitted to the Department of Insurance for approval. The fee to be charged for closing or settlement protection must also be submitted to and approved by the Department; filings seeking fees above the statutory minimum must include sufficient actuarial support to justify the amount.
- File all title insurance forms (including closing or settlement protection) through SERFF.
- Submit the proposed fee for closing or settlement protection to the Department for approval.
- If requesting a fee above the statutory minimum, include sufficient actuarial support with the filing.
Key Definitions
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