Overall Assessment ALTA Best Practice 1: Recap: If any Establish and maintain current License(s) as required individual procedure to conduct the business of title insurance and marked with an settlement services. asterisk FAILS, Best Practice 1 FAILS. 1.01* Confirm the active status of the Company and/or individual Licenses/registrations for each state in which the Company conducts business. Validate compliance with ALTA Policy Forms Licensing Requirement. Documentation reviewed may include actual licenses, Department of Insurance or appropriate state regulatory agency websites/screenshots, Bar Association status, PASS / FAIL corporate or business registrations with the state and other documentation as applicable to state/license. Sample Selection: 100% of all required licenses and corporate registrations in all states in Company operates on assessment date. View Company’s active ALTA Policy Forms License or verify compliance on ALTA website. Assessment ALTA Best Practices Framework: Assessment Procedure Procedures Assessment Recap Number ALTA Best Practice 2: Adopt and maintain appropriate written procedures Overall Assessment and controls for Escrow Trust Accounts allowing for If any electronic verification of reconciliation. individual procedure Note: These procedures apply to all custodial or fiduciary marked with an accounts including closing and disbursement accounts, asterisk FAILS, Best recording and tax accounts, construction disbursing Practice 2 FAILS. accounts, underwriter remittance/premium accounts and other similar accounts.
ALTA Best Practice 1: Establish and maintain current License(s) as required to conduct the business of title insurance and settlement services. Overall Assessment Recap: If any individual procedure marked with an asterisk FAILS, Best Practice 1 FAILS. 1.01* Confirm the active status of the Company and/or individual Licenses/registrations for each state in which the Company conducts business. Validate compliance with ALTA Policy Forms Licensing Requirement. Documentation reviewed may include actual licenses, Department of Insurance or appropriate state regulatory agency websites/screenshots, Bar Association status, corporate or business registrations with the state and other documentation as applicable to state/license. Sample Selection: 100% of all required licenses and corporate registrations in all states in Company operates on assessment date. View Company’s active ALTA Policy Forms License or verify compliance on ALTA website. PASS / FAIL Assessment Procedure Number ALTA Best Practices Framework: Assessment Procedures Assessment Recap ALTA Best Practice 2: Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation. Note: These procedures apply to all custodial or fiduciary accounts including closing and disbursement accounts, recording and tax accounts, construction disbursing accounts, underwriter remittance/premium accounts and other similar accounts. Overall Assessment If any individual procedure marked with an asterisk FAILS, Best Practice 2 FAILS.