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Reg 208 and Closers

Posted By Robert Treuber, Monday, December 4, 2017
Updated: Monday, December 4, 2017


The following was issued via email to NYSLTA Members.

Regulation 208 has introduced complex issues for the title insurance industry.

Within 2 days of the regulation being published, the NYSLTA posted information to assist Members in evaluating how to respond.

NYS Land Title Association Officers and Executive Committee members have worked many hours studying the regulation and discussing it. The NYSLTA engaged a law firm to provide guidance and recently we secured a meeting with the Department of Financial Services to discuss concerns.

The issues of Regulation 208 are too complex to be addressed in one document. We have posted on the Member web site a memo concerning Closers and Regulation 208. As our work progresses, we will seek opportunities to communicate on other aspects of the regulatory environment.

Our aim is to help our Membership understand the impact of the Regulation and to provide information that will help members make the necessary business decisions.

We have concluded that efforts to forestall or block Regulation 208 on December 18, 2017 are not likely to be successful. Any changes in Regulation 208 will not occur prior to December 18. Therefore, we are focused on being prepared for the changes of December 18 while at the same time we continue to explore potential remedies.

If you have not already done so - READ THE REGULATIONS. Read the materials posted on the Member web site. Agents should communicate with their Underwriter as the first source of advice.

As always, Members may contact NYSLTA Staff with questions.



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Tags:  Closers  DFS  email  Reg 208  Regulations 

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