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Posted By Robert Treuber,
Wednesday, May 17, 2017
Updated: Wednesday, May 17, 2017
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A Message to NYSLTA Members and all NY State Title Insurance Professionals
Two weeks ago, the NYS Department of Financial Services (DFS) introduced two new proposed regulations covering our industry.
This letter is a report on what your Association has done to date and our planned next steps.
We are analyzing the regulations for their impact on the title industry and the real estate marketplace.
We have created an action plan and a time line for our response.
The proposed regulations would affect almost every aspect of the business of title insurance, from when you first market to a client to when you close a file and remit the premium
Requires underwriters to take an immediate 5% rate reduction on all polices or instead restate their data for the preceding six years
Limits charges for ancillary services
Prohibits all marketing and advertising activities including, but not limited to CLE’s, sporting events, meals and even giving away a ballpoint pen
Eases regulation of joint ventures and controlled businesses, much less strictly than RESPA
Changes significantly the compensation of closers, including elimination of “pick-ups” and gratuities
Changes the closing process and the accounting/remitting processes in both Zone1 and Zone2
We strongly encourage you to click on the links below and thoroughly read the regulations for yourself.
The Officers, the Executive Committee, the Government Regulations Committee, Association Staff, our lobbyists and our communication firm are focused on the challenges posed by the regulations.
We have until June 19 to submit comments to the DFS. We recommend that you study the regulations and determine how they will affect your business.
There is an important role for the Members and your voices are needed to accomplish our goals.
We are developing ways for you to express your opinions so as to have the most impact. Stay in contact with the Association and spread the word to your staff, your clients and other real estate professionals.
By misunderstanding how the title insurance industry operates, the DFS has proposed regulations that will not serve the consumer but will impede the real estate marketplace and inflict irreplaceable damage to the livelihood of thousands of people.
A very great deal is at stake here.
Download File (PDF)
Attached Files:
Tags:
DFS
Reg 206
Reg 208
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Posted By Robert Treuber,
Tuesday, April 18, 2017
Updated: Tuesday, April 18, 2017
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The DFS Secure Portal is now accepting the filing of Notice of Limited Exemption, as cited in § 500.19 of 23 NYCRR 500.
Here is a link to the Portal - https://myportal.dfs.ny.gov/web/cybersecurity/
COMPLIANCE TIMELINE
FOR COVERED ENTITIES WHO MEET THE LIMITED EXEMPTION REQUIREMENTS (§ 500.22)
March 1, 2017 - Effective Date of Regulations
August 28, 2017 - Transitional Period ends – compliance requirement begins for most provisions of the regulation (§500.22)
February 15, 2018 - Notice of exception must be filed with the DFS (and each year thereafter on 2/15) (§500.17)
March 1, 2018 – Risk Assessment to be completed (§ 500.09)
August 30, 2018 – Policy must be in place for periodic disposal of NPI (§ 500.13)
March 1, 2019 - Develop a Third Party Service Provider Security Policy (§500.11)
Tags:
cybersecurity
DFS
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Posted By Robert Treuber,
Monday, December 5, 2016
Updated: Monday, December 5, 2016
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Trust me, you are not going to like this. This is about changing the way you operate and conduct business. This is going to cost you money and time. This is "information security" and it is very important.
Before you go any further, I am going to reiterate something John Hollenbeck of First American Title said at our Annual Meeting in September. He said data security for title companies is important because when consumers buy a house, they give you all their information. And then they give you all their money.
The NY-DFS and an array of federal agencies are developing or have
already issued regulations or standards for cybersecurity. By
Valentine's Day, you are going to be tired of seeing and hearing the
term "cybersecurity".
The NYSLTA is preparing to submit testimony to the State Assembly's public hearing on cyber security. In January, we plan to offer a CE course on the basic elements of cybersecurity. We have posted a document titled, "Small Business Information Security: The Fundamentals" in the Technology Committee File Library.
Question: How do you eat an elephant?
Answer: One bite at a time
If you put off facing the inevitability that cybersecurity is going to be part of your business, one day you will have to eat an entire elephant in one bite. My advice is to start slow and start now.
Here is a link to a good, easy to read and easy to implement article on cybersecurity:
Tags:
CE
Consumer protection
cyber
cybersecurity
DFS
technology
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Posted By Robert Treuber,
Tuesday, November 15, 2016
Updated: Tuesday, November 15, 2016
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On November 14, 2016 I signed and sent a letter to DFS Deputy Superintendent Cassandra Lentchner.
In September, the DFS issued a proposed regulation for all "covered entities" under DFS purview, which includes all underwriters and licensed title agents. The regulation, designed for the enormous global financial institutions regulated by DFS, imposed drastic changes to security procedures, compliance, business operations, reporting and company governance.
The general assessment is this regulation is a positive development for both consumer and financial services protection. The specifics of the regulation proved in some instances to be overly burdensome and ill suited for the kind of business title companies conduct.
The letter was the result of more than a month of work by a specially appointed joint working group of volunteers drawn from the Government Regulations Committee and the Technology Committee. This project was headed by Jean Partridge, who also was the primary author of the document. She was advised and supported by Bill Collins, Victor Pajonas, Chris Davis and Vincent Danzi.
The letter is attached to this blog post and it resides in the Government Regulations File Library, on this web site [RESOURCES>DOCUMENT & FILE LIBRARIES].
The joint working group worked cooperatively with counterparts at FNTG, Old Republic, Stewart Title, First American, and ALTA. There was cross-industry collaboration with trade associations representing property & casualty agents in NY and DC- based financial institution trade associations. As always, our Albany lobbyists, Scott Wexler and Kate Corkery provided advice and perspective.
For a regulation that has the potential for profound impact on title agents - and by profound I mean expensive - the awareness and engagement from the membership was imperceptible.I announced this regulation and posted the proposed in an email blast. I provided an email address for comments. One member commented. NYSLTA is fortunate to have such skilled and dedicated members, such as the handful of people who produced this letter.
This Association will continue to seek engagement with DFS on your behalf. The challenges ahead are countless. Your contribution of time and your expertise are much needed and always welcome.
RGT
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Tags:
Consumer protection
cyber
cybersecurity
DFS
Regulations
technology
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Posted By Robert Treuber,
Thursday, October 27, 2016
Updated: Thursday, October 27, 2016
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If you have a DFS title agent license or if you work for an underwriter corporation in NY state - the proposed DFS cybersecurity regulation impacts YOU.
NYSLTA Members can read the proposed regulation and see a "plain English" explainer on the Technology Committee page, on this web site.
In the coming months, you will see more information about cyber security on this site and in our email blasts.
Here is an article from FORBES magazine that everyone should find helpful.
Tags:
Consumer protection
data security
DFS
technology
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Posted By Robert Treuber,
Friday, April 8, 2016
Updated: Friday, April 8, 2016
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Recently, NYSLTA offered CE webinars on the regulations that control title agents and the security standards required by the federal and state government.
There are many resources for title agents to acquire the information necessary for compliance. (Such as this very web site you are visiting right now.)
There may be no better place to start than the FAQ page of the DFS.
http://www.dfs.ny.gov/insurance/agbrok/title_licfaqs.htm
Tags:
DFS
Education
Regulations
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Posted By Robert Treuber,
Monday, September 14, 2015
Updated: Monday, September 14, 2015
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If you are a licensee or sub-licensee looking for title agent CE - click here or use the top navigation on this page and click CALENDAR & EVENTS
Continuing Education, also know as CE, is a fact of life for physicians, CPAs, Financial Planners, and virtually every licensed professional. However, CE is new to title agents in New York State.
Many of us are very familiar with CLE, the continuing legal education required for attorneys and you may think CE is similar to CLE. But you would be wrong.
The DFS has been managing continuing education for health & medical, property & casualty insurance agents for years and that is the system title agents now must conform to.
The DFS has provided CE information for agents here:
http://www.dfs.ny.gov/insurance/abindx.htm
This is what you need to remember:
- You need 15 CE credits to renew your license
- The Provider, Instructor and Course must be approved by the DFS
- When you complete a course, the Provider will report your credits and license number to DFS
- The DFS will apply the credits to every license registered to that exact name.
- The Provider will also give you a certificate. Keep the certificate in the event all the credits you earned are not reported at the time of license renewal.
One more thing - the NYSLTA is building a catalog of CE courses to be offered and taken online. However online courses require an exam before credit can be issued.
The Education Committee is also going to offer the popular CORE TITLE SERVICE courses in 2016. But that is another story.
Tags:
CE
CLE
DFS
Education
TIRSA
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Posted By Robert Treuber,
Wednesday, September 2, 2015
Updated: Wednesday, September 2, 2015
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See pages 7-10 of September 2, 2015 issue of the NYS Register where the Regulation 206 rule making is published.
Here is link to download a PDF of the 9-2-2015 Register:
http://docs.dos.ny.gov/info/register/2015/september2/pdf/rulemaking.pdf
The document is also available in the Licensing & Regulation File Library; go to RESOURCES>COMPLIANCE SUPPORT in the site's main navigation.
Tags:
DFS
Regulations
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Posted By Robert Treuber,
Tuesday, September 1, 2015
Updated: Tuesday, September 1, 2015
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A new emergency regulation was adopted on August 13th by DFS Acting Superintendent Albanese.
Here’s a link: http://dfs.ny.gov/insurance/r_emergy/reconsol9t.pdf
Simply put, the original emergency regulations (including the new Regulation 206) remain in effect.
It is our understanding that the DFS has a new proposal awaiting approval by the Governor’s Office but the emergency regulations will stay in place until that occurs.
Tags:
DFS
Licensing
Regulations
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Posted By Robert Treuber,
Wednesday, July 1, 2015
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Published in the State Register July 1 2015, emergency regulation 206 has been extended 45 another 45 days.
The State Administrative Procedures Act (SAPA) allows a regulation to be renewed on an emergency basis for one year. Regulation 206 was first adopted September 27, 2014.
Individuals and business entities subject to regulation should be mindful that an emergency regulation has the full force and authority law.
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Tags:
DFS
Regulations
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