July 26, 2023

In This Issue:

  • TDI Quarterly Audit Results Published: March-May 2023
  • FinCEN: Andrea Gacki Named New Director
  • TDI Bulletin: Updated Contact Information for Data Security, Voluntary Breach Notice
  • ICYMI: TDI Issues Call for 2022 Statistical Data, Publishes New Experience Reports

TDI Quarterly Audit Results Published: March-May 2023

TLTA | July 26, 2023
The following is a summary of recent TDI audits, violations and enforcement actions from March through May 2023. Read TDI's complete summary of operations for the quarter, or review key statistics below.          
        
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 89 audits.        
         
Commissioner Orders: This quarter, TDI signed no Commissioner Orders. As of this report, 16 cases remain active and under investigation.        
         
Compliance Audit Results:  Below are TDI's most common audit findings for the quarter that ended in May 2023. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 
Number of Agencies
Category
Description
48
Abstract Plant
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
31
Escrow Accounting
Outstanding checks not cleared timely
31
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment
28
Minimum Escrow Accounting Procedures & Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
27
Title Bulletins
Title Bulletin No. 160 – All parties receiving portions of real estate commission not disclosed on settlement statement.
Review Complete Quarterly Audit Report »

FinCEN: Andrea Gacki Named New Director

U.S. Treasury | July 13, 2023
Secretary of the Treasury Janet L. Yellen announced the appointment of Andrea Gacki as the Director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

Ms. Gacki presently serves as the Director of the Office of Foreign Assets Control (OFAC) at the Treasury Department, where she has played a leading role in the United States Government’s implementation and enforcement of economic sanctions during critical national security challenges facing the United States. She also performed the functions of the Treasury Department’s Under Secretary for Terrorism and Financial Intelligence (TFI), giving her deep experience and expertise on the unique role that TFI, including FinCEN, plays in combatting illicit finance threats.
 
Read More »
 

TDI Bulletin: Updated Contact Information for Data Security, Voluntary Breach Notice

Texas Department of Insurance | July 18, 2023
The Texas Department of Insurance (TDI) takes seriously cybersecurity incidents that may affect consumers or the insurance industry. In addition, the Texas Business and Commerce Code Chapter 521 sets out a business duty to protect sensitive personal information and provides some definitions of information that TDI is concerned about. Federal law also provides standards that might be applicable to some insurance companies.

Domestic insurance companies and HMOs

A domestic insurance company or HMO should contact [email protected] if the company or HMO experiences or discovers an unauthorized acquisition, release, or use of personal information or sensitive company information.
After TDI is notified, TDI may request information about the incident under its examination authority. Information will be held confidential under applicable statutes.

All other regulated entities and individuals 

All others can send breach notices to [email protected]

Questions?

Questions about this bulletin should be directed to [email protected].
 
Review TDI's Bulletin »
 

ICYMI: TDI Issues Call for 2022 Statistical Data, Publishes New Experience Reports

TLTA | July 18, 2023

Call for 2022 Agent and Underwriter Statistical Data

 The Texas Department of Insurance (TDI) issues these mandatory data calls under Insurance Code Section 2703.153, which requires title insurance underwriter companies, title insurance companies, and title agents to annual submit business data to TDI.
 
TDI uses this data to set title insurance premium rates. Please note that this call is for data collected during calendar year 2022.
 
Agent Statistical Data
Report file and affidavit are due August 21, 2023
Reporting period Jan. 1, 2022 - Dec. 31, 2022
Read the TDI agent data call bulletin for more info and instructions »
 
Underwriter Statistical Data
Report file and affidavit are due August 28, 2023
Reporting period Jan. 1, 2022 - Dec. 31, 2022
Read the TDI underwriters data call bulletin for more info and instructions »
 

TDI Publishes Agent Experience Report 2021, Underwriter Experience Report 2017-21

The Texas Department of Insurance published their Title Insurance Agent Experience Report Compilation for 2021 and the Title Underwriters Experience Report for 2017-2021. Both reports are available for review online. Texas Insurance Code §2703.153 requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit business data to TDI. TDI uses this data to set title insurance premium rates. The new agent experience report was completed with data generated during calendar year 2021. The new underwriter experience report was completed with data generated during calendar years 2017-21.
 
Review Title Insurance Agent Experience Report Compilation for 2021 »
This Report Is Also Available as an Excel File »
 
Review Title Underwriters Experience Report for 2017-2021 »
This Report Is Also Available as an Excel File »
 
Looking for older experience reports? You can find them here.