Best Practices > BP 5 Deliver/Remit

ALTA Best Practice 5: Deliver and Remit


Best Practice: Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.
 
Purpose: Adopting appropriate procedures for the production, delivery, and remittance of title insurance policies helps ensure title companies can meet their legal and contractual obligations.
 
Procedures to meet this best practice:
 
1. Title policy production and delivery
Title insurance policies are issued and delivered to customers in a timely manner to meet statutory, regulatory or contractual obligations.
 
Issue and deliver policies within thirty days of the later of (i) the date of settlement, or (ii) the date that the terms and conditions of title insurance commitment are satisfied.
 
2. Premium reporting and remittance
Title insurance policies are reported and premiums are remitted to the underwriter in a timely manner to meet statutory, regulatory or contractual obligations.
  • Report policies (including a copy of the policy) to underwriter by the last day of the month following the month in which the insured transaction was settled.
  • Remit premiums to underwriter by the last day of the month following the month in which the insured transaction was settled.
 
(Source: American Land Title Association)
 
For additional resources to help you adhere to the Best Practices, please visit the Best Practices section of the AgentLink site.