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Title Insurance Producer Independent Contractors

(TIPIC, Maryland Only)

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(Effective 10/1/06)

The definitions Section 10-101 of the Insurance Article have been amended to include "title insurance producer independent contractor." The Insurance Article now clarifies what is required when a title insurance agency uses a person who is not an employee or associated with the agency to provide escrow, closing or settlement services that may result in the issuance of title insurance by the agent. Of extreme importance to Title Insurance Producers who are independent contractors is the following requirement:

10-121 (d)(1) In addition to meeting any of the applicable requirements for a license to act as an insurance producer under this subtitle, a sole proprietor, a limited liability company, a partnership, or a corporate applicant for a license as a title insurance producer shall file with the Commissioner:

a blanket fidelity bond covering appropriate employees AND TITLE INSURANCE PRODUCER INDEPENDENT CONTRACTORS, (TIPIC).

The policy/bond is issued to the TIPIC and protects the title agent for whom they are conducting settlement/closing services.

Surety Bond, Surety Bonds, Surety

All Surety Bonds