Form T-6A (MO375-0717) "Missouri Title Insurer's Statutory Onsite Review Report" - Missouri

What Is Form T-6A (MO375-0717)?

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Download Form T-6A (MO375-0717) "Missouri Title Insurer's Statutory Onsite Review Report" - Missouri

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MISSOURI DEPARTMENT OF COMMERCE AND INSURANCE
T-6A MISSOURI TITLE INSURER’S STATUTORY ONSITE REVIEW REPORT
PURSUANT TO § 381.023, RSMO, AND 20 CSR 500-7.080
Amended Form
AGENCY NAME
MISSOURI AGENCY LICENSE NUMBER
AGENCY DESIGNATED QUALIFIED PRINCIPAL
AGENCY DESIGNATED QUALIFIED PRINCIPAL MISSOURI LICENSE NUMBER
LOCATION OF REVIEW
COMPANY DESIGNATED AGENCY NUMBER
DATE OF LAST REVIEW
REVIEW DATE
INSURER
INSURER 4-DIGIT NAIC GROUP NUMBER
INSURER 5-DIGIT NAIC NUMBER
REVIEWER
TELEPHONE
E-MAIL
CONTACT NAME
TELEPHONE
E-MAIL
SECTION 1: UNDERWRITING/CLAIMS PRACTICES
UNDERWRITING PRACTICES REVIEW
DOES AGENCY HAVE CURRENT UNDERWRITING MANUALS OF INSURER?
YES
NO
DID REVIEWER CONDUCT A RANDOM REVIEW OF AGENCY’S FILES WHERE COMMITMENTS OR POLICIES OF INSURER HAVE BEEN ISSUED?
YES
NO
IN THE FILES REVIEWED, WERE THE UNDERWRITING GUIDELINES COMPLIED WITH?
YES
NO
CLAIM PRACTICES REVIEW
DID REVIEWER REVIEW AGENCY’S PROCEDURES FOR NOTIFICATION OF CLAIMS IN COMPLIANCE WITH THE TERMS OF THE ISSUING AGENCY CONTRACT BETWEEN INSURER AND AGENCY
AND THE TERMS CONTAINED IN THE INSURER’S POLICIES OF TITLE INSURANCE?
YES
NO
IN THE FILES REVEIWED WHERE CLAIMS NOTIFICATIONS WERE OR SHOULD HAVE BEEN MADE, WERE CLAIMS NOTIFICATIONS MADE IN COMPLIANCE WITH THE TERMS OF THE ISSUING
AGENCY AGREEMENT?
YES
NO
N/A
SECTION 2: INSURER REMITTANCE
DID REVIEWER VERIFY THAT THE FUNDS HELD ON INSURER’S BEHALF ARE REASONABLY ASCERTAINABLE FROM AGENCY’S BOOKS OF ACCOUNT AND RECORDS AND ARE SUFFICIENT TO
SATISFY THE OBLIGATIONS OF THE AGENCY OR AGENT TO THE INSURER?
YES
NO
IN THE FILES REVIEWED DID REVIEWER RECONCILE INSURER’S TITLE POLICIES AND COLLECTION OF INSURER’S REMITTANCES BY THE AGENCY?
YES
NO
DOES AGENCY REMIT INSURER’S PREMIUMS WITHIN 60 DAYS AFTER THE DATE OF RECEIVING AN INVOICE FROM INSURER AS PROVIDED IN 381.038.3, RSMo?
YES
NO
SECTION 3: INSURER-AGENCY CONTRACT
Pursuant to Section 381.023.2(1) NOTE: The reviewer shall ensure that a copy of the most current Issuing Agency Contract is in the Insurer’s Agency File.
DOES THE ISSUING AGENCY CONTRACT BETWEEN AGENCY AND INSURER SET FORTH THE RESPONSIBILITIES OF EACH PARTY?
YES
NO
IF THOSE RESPONSIBILITIES ARE SHARED IS THERE A DESIGNATION IN THE ISSUING AGENCY CONTRACT OF THE DIVISION?
YES
NO
N/A
IS THE ISSUING AGENCY CONTRACT CURRENT?
YES
NO
IS THE ISSUING AGENCY CONTRACT PROPERLY EXECUTED?
YES
NO
SECTION 4: ANNUAL STATEMENT
Pursuant to Section 381.023.2(2)
MO 375-0717 (10-2020)
PAGE 1
DIFP REVISED FORM T-6A 2012-01-26
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MISSOURI DEPARTMENT OF COMMERCE AND INSURANCE
T-6A MISSOURI TITLE INSURER’S STATUTORY ONSITE REVIEW REPORT
PURSUANT TO § 381.023, RSMO, AND 20 CSR 500-7.080
Amended Form
AGENCY NAME
MISSOURI AGENCY LICENSE NUMBER
AGENCY DESIGNATED QUALIFIED PRINCIPAL
AGENCY DESIGNATED QUALIFIED PRINCIPAL MISSOURI LICENSE NUMBER
LOCATION OF REVIEW
COMPANY DESIGNATED AGENCY NUMBER
DATE OF LAST REVIEW
REVIEW DATE
INSURER
INSURER 4-DIGIT NAIC GROUP NUMBER
INSURER 5-DIGIT NAIC NUMBER
REVIEWER
TELEPHONE
E-MAIL
CONTACT NAME
TELEPHONE
E-MAIL
SECTION 1: UNDERWRITING/CLAIMS PRACTICES
UNDERWRITING PRACTICES REVIEW
DOES AGENCY HAVE CURRENT UNDERWRITING MANUALS OF INSURER?
YES
NO
DID REVIEWER CONDUCT A RANDOM REVIEW OF AGENCY’S FILES WHERE COMMITMENTS OR POLICIES OF INSURER HAVE BEEN ISSUED?
YES
NO
IN THE FILES REVIEWED, WERE THE UNDERWRITING GUIDELINES COMPLIED WITH?
YES
NO
CLAIM PRACTICES REVIEW
DID REVIEWER REVIEW AGENCY’S PROCEDURES FOR NOTIFICATION OF CLAIMS IN COMPLIANCE WITH THE TERMS OF THE ISSUING AGENCY CONTRACT BETWEEN INSURER AND AGENCY
AND THE TERMS CONTAINED IN THE INSURER’S POLICIES OF TITLE INSURANCE?
YES
NO
IN THE FILES REVEIWED WHERE CLAIMS NOTIFICATIONS WERE OR SHOULD HAVE BEEN MADE, WERE CLAIMS NOTIFICATIONS MADE IN COMPLIANCE WITH THE TERMS OF THE ISSUING
AGENCY AGREEMENT?
YES
NO
N/A
SECTION 2: INSURER REMITTANCE
DID REVIEWER VERIFY THAT THE FUNDS HELD ON INSURER’S BEHALF ARE REASONABLY ASCERTAINABLE FROM AGENCY’S BOOKS OF ACCOUNT AND RECORDS AND ARE SUFFICIENT TO
SATISFY THE OBLIGATIONS OF THE AGENCY OR AGENT TO THE INSURER?
YES
NO
IN THE FILES REVIEWED DID REVIEWER RECONCILE INSURER’S TITLE POLICIES AND COLLECTION OF INSURER’S REMITTANCES BY THE AGENCY?
YES
NO
DOES AGENCY REMIT INSURER’S PREMIUMS WITHIN 60 DAYS AFTER THE DATE OF RECEIVING AN INVOICE FROM INSURER AS PROVIDED IN 381.038.3, RSMo?
YES
NO
SECTION 3: INSURER-AGENCY CONTRACT
Pursuant to Section 381.023.2(1) NOTE: The reviewer shall ensure that a copy of the most current Issuing Agency Contract is in the Insurer’s Agency File.
DOES THE ISSUING AGENCY CONTRACT BETWEEN AGENCY AND INSURER SET FORTH THE RESPONSIBILITIES OF EACH PARTY?
YES
NO
IF THOSE RESPONSIBILITIES ARE SHARED IS THERE A DESIGNATION IN THE ISSUING AGENCY CONTRACT OF THE DIVISION?
YES
NO
N/A
IS THE ISSUING AGENCY CONTRACT CURRENT?
YES
NO
IS THE ISSUING AGENCY CONTRACT PROPERLY EXECUTED?
YES
NO
SECTION 4: ANNUAL STATEMENT
Pursuant to Section 381.023.2(2)
MO 375-0717 (10-2020)
PAGE 1
DIFP REVISED FORM T-6A 2012-01-26
SECTION 4: ANNUAL STATEMENT (CONTINUED)
NOTE: If the above is not available at the time of the review, the reviewer shall make note of such in its report to the Department and shall take necessary
steps to obtain this documentation at a later time. Any documentation provided by the Agency or Agent in support of the Statement of Financial Condition shall
be maintained by the Insurer for not less than four years.
The Statement of Financial Condition of Agency and any documentation attached thereto including, but not limited to income statements, balance sheets or
federal tax return shall be deemed by the Department to be a trade secret as defined by section 471.453(4), RSMo, inasmuch as such data possess economic
value by virtue of its confidential status; the same or like information is unavailable through other sources; and insurers have made reasonable efforts to
maintain the confidentiality of the data. As such, Section 4 of Form T-6A shall be considered confidential communications and immune from requests made
under chapter 610, RSMo, nor shall such data otherwise made available to the public or unauthorized individuals except in the manner and form prescribed
by this rule.
SECTION 5: AFFILIATED BUSINESSES
Pursuant to Section 381.023.2(3)
DOES AGENCY ENGAGE IN AFFILIATED BUSINESS RELATIONSHIPS AS DEFINED IN 20 CSR 500-7.070?
YES
NO
BASED ON THE FILES REVIEWED WHERE COMMITMENTS OR POLICIES OF INSURER HAVE BEEN ISSUED, IS AGENCY IN COMPLIANCE WITH THE REQUIREMENTS OF 20 CSR 500-7.070
REGARDING NOTICE OF AFFILIATED BUSINESS ARRANGEMENT (FORM T-4)?
YES
NO
DOES THE AGENCY HAVE POLICIES AND PROCEDURES RELATED TO REGULATORY COMPLIANCE?
YES
NO
IF ANSWER TO PREVIOUS QUESTION IS “YES”, ANSWER IS REQUIRED FOR THIS QUESTION: BASED UPON THE ON-SITE REVIEW, IS THE AGENCY IMPLEMENTING ITS POLICIES AND
PROCEDURES RELATED TO REGLATORY COMPLIANCE?
YES
NO
N/A
DOES THE AGENCY HAVE POLICIES AND PROCEDURES RELATED TO CONFLICTS OF INTEREST?
YES
NO
IF ANSWER TO PREVIOUS QUESTION IS “YES”, ANSWER IS REQUIRED FOR THIS QUESTION: BASED UPON THE ON-SITE REVIEW, IS THE AGENCY IMPLEMENTING ITS POLICIES AND
PROCEDURES RELATED TO CONFLICT OF INTEREST?
YES
NO
N/A
SECTION 6: ORDERS
Pursuant to Section 381.023.2(4)
DOES AGENCY MAINTAIN AN ORDER LOG?
YES
NO
DID REVIEWER REVIEW AGENCY’S ORDER LOG?
YES
NO
N/A
IN THE FILES REVIEWED DID REVIEWER RECONCILE AGENCY’S ORDERS WITH INSURER’S COMMITMENTS AND TITLE POLICIES?
YES
NO
SECTION 7: COMMITMENTS
Pursuant to Section 381.023.2(5), (6), (7)
DOES AGENCY HAVE PROCEDURES FOR TRACKING INSURER’S ISSUED COMMITMENTS AND ARE THEY ACCEPTABLE TO THE INSURER?
YES
NO
IN THE FILES REVIEWED DID AGENCY FOLLOW THESE PROCEDURES?
YES
NO
DOES AGENCY HAVE PROCEDURES FOR FOLLOW-UP ON COMPLETION OF REQUIREMENTS IN INSURER’S COMMITMENTS ON FILES THEY CLOSE?
YES
NO
DOES AGENCY HAVE PROCEDURES FOR FOLLOW-UP ON COMPLETION OF REQUIREMENTS IN INSURER’S COMMITMENTS ON FILES THEY DO NOT CLOSE?
YES
NO
DOES AGENCY COMPLY WITH THE REQUIREMENTS OF 20 CSR 500-7.060, DISCLOSURE OF COVERAGE LIMITATION, REGARDING RESIDENTIAL REAL ESTATE COMMITMENTS OF THE INSUR-
ER ISSUED WITH A CLOSING PROTECTION LETTER (FORM T-3)?
YES
NO
SECTION 8: VOIDING POLICIES
Pursuant to Section 381.023.2(8)
DOES AGENCY FOLLOW THE CORRECT PROCEDURES FOR VOIDING INSURER’S POLICIES?
YES
NO
SECTION 9: FILE TRACKING
Pursuant to Section 381.023.2(9)
DOES AGENCY TRACK ITS OPEN ESCROW, SETTLEMENT AND/OR CLOSING FILES?
YES
NO
DOES AGENCY TRACK ITS OPEN SECURITY DEPOSIT FILES?
YES
NO
SECTION 10: POLICY REGISTER
Pursuant to Section 381.023.2(10)
DID REVIEWER RECONCILE AGENCY’S POLICY REGISTER WITH INSURER’S OUTSTANDING POLICY JACKET INVENTORY?
YES
NO
MO 375-0717 (10-2020)
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DIFP REVISED FORM T-6A 2012-01-26
SECTION 11: POLICY ISSUANCE
Pursuant to Section 381.023.2(11)
DOES AGENCY KEEP A LOG OF FILES THAT NEED TO HAVE INSURER’S POLICIES ISSUED?
YES
NO
IN THE FILES REVIEWED WHAT IS THE AVERAGE LENGTH OF TIME BETWEEN COMPLIANCE WITH THE REQUIREMENTS OF INSURER’S COMMITMENT FOR INSURANCE AND THE ISSUANCE
OF INSURER’S TITLE POLICY BY THE AGENCY?
NUMBER OF INSURER’S POLICIES REVIEWED THAT WERE NOT IN COMPLIANCE WITH THE REQUIREMENTS OF 20 CSR 500-7.090, SPECIAL CIRCUMSTANCES FOR POLICY DELAY.
SECTION 12: ESCROW PRACTICES AND ACCOUNT RECONCILIATION
Pursuant to Section 381.023.2(9), (12)
DID AGENCY CERTIFY A LIST OF ALL ITS TRUST, ESCROW, SETTLEMENT, CLOSING AND SECURITY DEPOSIT ACCOUNTS TO THE REVIEWER?
YES
NO
ARE EACH OF AGENCY’S TRUST ACCOUNTS PROPERLY MAINTAINED AS FIDUCIARY TRUST ACCOUNTS BY THE DEPOSITORY INSTITUTIONS? (I.E., “TRUST” AND/OR “ESCROW”)
YES
NO
MONTHLY RECONCILIATIONS REVIEWED TO VERIFY THE FOLLOWING ITEMS:
IN THE FILES REVIEWED DID AGENCY DEPOSIT ALL ESCROW FUNDS IN SEPARATE FIDUCIARY TRUST ACCOUNTS WITH A QUALIFIED DEPOSITORY INSTITUTION PURSUANT TO § 381.022.2?
YES
NO
DID REVIEWER VERIFY THE 3-WAY RECONCILIATION FOR EACH OF AGENCY’S FIDUCIARY TRUST ACCOUNTS CERTIFIED BY THE AGENCY?
YES
NO
FOR THE FILES REVIEWED:
NUMBER OF AGENCY’S FILES WITH ACTUAL NEGATIVE BALANCES OVER $100
TOTAL DOLLAR AMOUNT OF ALL AGENCY’S ACTUAL NEGATIVE FILE BALANCES (THIS SHOULD BE A NEGATIVE NUMBER)
NUMBER OF AGENCY’S DEPOSITS IN TRANSIT OVER TWO (2) BUSINESS DAYS OLD
TOTAL DOLLAR AMOUNT OF AGENCY’S DEPOSITS IN TRANSIT OVER TWO (2) BUSINESS DAYS OLD
DOES AGENCY HAVE PROCEDURES FOR ASSURING THAT ESCROW FUNDS ARE DEPOSITED NO LATER THAN THE SECOND BUSINESS DAY AFTER RECEIPT PURSUANT TO § 381.022.2?
YES
NO
IN THE FILES REVIEWED, DID THE AGENCY FOLLOW THESE PROCEDURES?
YES
NO
N/A
DOES AGENCY HAVE PROCEDURES FOR ASSURING THAT DEEDS AND SECURITY INSTRUMENTS HAVE BEEN PRESENTED FOR RECORDING WITHIN 5 BUSINESS DAYS OF COMPLETION OF
ALL CONDITIONS PRECEDENT THERETO, AS REQUIRED BY § 381.026?
YES
NO
N/A
IN THE FILES REVIEWED, DID AGENCY FOLLOW THESE PROCEDURES?
YES
NO
N/A
SECTION 13: SUMMARY OF ONSITE REVIEW RESULTS
NUMBER OF FILES
NUMBER OF FILES NOT IN
FILE TYPE
REVIEWED BY INSURER
COMPLIANCE
Title Files
Closing/Escrow Files
IF THE ANSWER TO ANY OF THESE QUESTIONS IS “NO,” PLEASE PROVIDE AN EXPLANATION
MO 375-0717 (10-2020)
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DIFP REVISED FORM T-6A 2012-01-26
OTHER AREAS REVIEWED NOT INCLUDED ON FORM T-6A (OPTIONAL)
ACTION PLAN, IF ANY
MO 375-0717 (10-2020)
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DIFP REVISED FORM T-6A 2012-01-26
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