Duties of Agent. Agent shall: A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal. B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes (i) a search from earliest public records or in accordance with Principal's written instructions; and (ii) an examination of all documents affecting title to the subject property. C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract. D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files: (i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof; (ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and (iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof. E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following: (i) a copy of each policy, endorsement and other title assurance issued by Agent; or (ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or (iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal. F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms. G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal. H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal: (i) all documents received by Agent in which Principal is a party to judicial proceedings; (ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal; (iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and (iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint. I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall (a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws; (b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved; (c) disburse such funds only for the purposes for which they were entrusted; (d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order; (e) maintain a control account showing total fiduciary liability for each escrow bank account; and (f) reconcile monthly the control account and ledger records to the monthly bank statement. J. Comply with all applicable laws and regulations relating to the conduct of Agent's business. K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval. L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures. M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED N. Maintain in confidence the terms and conditions of this Contract. O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Information Services, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this ContractContact. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers transfer or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;:
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; : and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be he subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, . Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; oror FOIA CONFIDENTIAL TREATMENT REQUESTED
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following FOIA CONFIDENTIAL TREATMENT REQUESTED receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any prohibited person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Information Services, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and and, maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents Agent's files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's ’s bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's ’s written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's ’s expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's ’s possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents Agent’s files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's ’s cost and expense, Agent's ’s files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's ’s title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.by
Appears in 1 contract
Samples: Issuing Agency Contract (Lender Processing Services, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's ’s bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's ’s written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's ’s expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's ’s possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's ’s cost and expense, Agent's ’s files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's ’s title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. , Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's ’s wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's ’s personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's ’s title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's ’s business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's ’s designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's ’s settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's ’s escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's ’s escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' ’ level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time fulltime salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any prohibited person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Lender Processing Services, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, . during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers transfer or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; : or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; : or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; : and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;:
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any prohibited person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers transfer or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any prohibited person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and.
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardousextrahazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any prohibited person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
Duties of Agent. Agent shall:
A. Receive and process applications for title insurance in a timely, prudent and ethical manner with due regard to recognized title insurance underwriting practices and in accordance with Principal's bulletins, manuals and other instructions of Principal.
B. Base each policy issued on behalf of Principal upon a determination of insurability of title that includes
(i) a search from earliest public records or in accordance with Principal's written instructions; and
(ii) an examination of all documents affecting title to the subject property.
C. Supply, at Agent's expense, office space and qualified personnel for conducting business pursuant to this Contract by the date of execution of this Contract.
D. Prepare, preserve and maintain in Agent's possession a separate file for each application for title insurance containing all documents upon which Agent relied to make its determination of insurability, including, but not limited to: affidavits, maps, plats, lien waivers, surveys, title reports, searches, examinations, and work sheets, together with a copy of each commitment, policy, endorsement and other title assurance issued as well as closing statements, disbursement worksheets, copies of all checks disbursed and receipted, deposit slips, escrow agreements and any other instruments or documents executed or created at Closing. Pertaining to Agents Agent's files:
(i) Title thereto shall remain with Agent. Upon termination of this Contract, Agent shall allow Principal to copy, at Principal's cost and expense, Agent's files. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such files are maintained, during business hours, for purposes of recovering possession thereof;
(ii) In the event Agent ceases to engage in the title insurance business, title to such files shall vest in Principal, and Agent shall deliver said files to Principal immediately upon termination of this Contract. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where such said files are maintained, during business hours, for purposes of recovering possession thereof; and
(iii) In the event Agent sells, transfers or conveys its title insurance operations or any interest therein to a third party, Principal shall have the right to copy such files, and the right to copy shall survive any sale, transfer or encumbrance of Agent's title insurance operations or an interest therein. Agent hereby grants to Principal the right to enter upon the premises of Agent or other locations where said title files are maintained, during business hours, for purposes of making a reproduction thereof.
E. Report to Principal, as hereafter set forth, by sending to Principal any one of the following:
(i) a copy of each policy, endorsement and other title assurance issued by Agent; or
(ii) a voucher containing information regarding each policy, endorsement and other title assurance issued by Agent, as instructed by Principal; or
(iii) information regarding each policy, endorsement and other title assurance issued by Agent, in magnetic or electronic format, as instructed by Principal.
F. Maintain a policy register in a form approved by Principal showing the disposition of all policies and other pre-numbered forms furnished by Principal. Upon request by Principal, Agent shall furnish a statement accounting for all such forms and shall return all spoiled, obsolete or canceled policies and FOIA CONFIDENTIAL TREATMENT REQUESTED forms to Principal. Agent shall safely maintain and store all forms furnished by Principal and hereby assumes liability for loss or damage suffered by Principal by reason of Agent's wrongful or negligent use or storage of such forms.
G. Provide Principal annually copies of annual financial statements of the agency and an updated Information Affidavit, such financial statements to be kept confidential by Principal.
H. Perform such services and render such assistance as Principal may reasonably request in connection with any claim or litigation arising from a commitment, policy, endorsement or other title assurance issued by Agent or by Principal on behalf of Agent or on account of any conduct of Agent, whether such claim or litigation is instituted during the term of this Contract or following termination thereof. In addition, Agent shall promptly forward to Principal:
(i) all documents received by Agent in which Principal is a party to judicial proceedings;
(ii) all written complaints or inquiries made to any regulatory agency regarding transactions involving title insurance policies, endorsements, commitments or other title assurances of Principal;
(iii) any information alleging a claim involving a policy, commitment, endorsement or other title assurance of Principal or a transaction for which Principal may be liable; and
(iv) all original documentation and work papers associated with the transaction or conduct giving rise to any claim or complaint.
I. In those instances where Agent closes real estate transactions and receives and disburses funds of others, Agent shall
(a) maintain said funds safely in accounts fully insured by an agency of the Federal Government and in accordance with applicable state laws;
(b) maintain separate from Agent's personal or operating accounts all funds received by Agent from any source in connection with transaction(s) in which Principal's title insurance is involved;
(c) disburse such funds only for the purposes for which they were entrusted;
(d) maintain an escrow ledger for each title insurance order involving fiduciary funds, which ledger shall separately reflect the escrow activity for each order;
(e) maintain a control account showing total fiduciary liability for each escrow bank account; and
(f) reconcile monthly the control account and ledger records to the monthly bank statement.
J. Comply with all applicable laws and regulations relating to the conduct of Agent's business.
K. Comply with all bulletins, manuals and other instructions furnished to Agent in writing, by facsimile or other electronic transmission by Principal. If any reasonable doubt exists with regard to the insurability or marketability of title or as to whether a particular risk is extra-ordinary or extra-hazardous, Agent shall contact Principal or Principal's designated underwriting counsel for guidance and approval.
L. The parties hereto acknowledge that Agent is not an agent of Principal for purposes of conducting a Closing, as defined in Paragraph 7H hereof; however, because Principal may be subject to allegations of liability for acts of Agent with regard to Agent's settlement or escrow business, Agent shall cooperate with Principal in the performance of audits of Agent's escrow records, accounts and procedures. In addition, Agent agrees to provide to Principal, within thirty (30) days following receipt, a copy of any audit conducted by any accounting firm with respect to Agent's escrow records, accounts or procedures.
M. Timely furnish the insured with a title insurance policy and other title assurances Agent is obligated to issue. FOIA CONFIDENTIAL TREATMENT REQUESTED.
N. Maintain in confidence the terms and conditions of this Contract.
O. Neither Agent nor any affiliate shall pay any commission for the solicitation or negotiation of any services constituting the business of title insurance, other than the payment of commissions, incentive compensation, or bonuses with respect to full-time salaried employees based on any such employees' level of production of any services constituting the business of title insurance. If Agent or, where applicable, its affiliates makes any such payments to full-time salaried employees, Agent or affiliate shall maintain adequate records detailing the conditions to receipt of any commission, incentive compensation, or bonus, the recipient thereof, and the amount paid. No employee of Agent shall, directly or indirectly, pay or offer to pay, either directly or indirectly, any part of his or her compensation to any person or entity defined in California Insurance Code section 12404, as an inducement for or as compensation for any title insurance business or any escrow or other title business.
Appears in 1 contract
Samples: Issuing Agency Contract (Fidelity National Title Group, Inc.)
