SB460 Alabama 2012 Session

Under existing law, title insurance companies receive a certificate of authority for each title insurance agent used in this state

Title insurance agents are not licensed, are not subject to a prelicensing course or examination, and are not subject to continuing education

This bill would require title insurance agents to be licensed, would subject the agents to certain qualifications to include a prelicensing course and examination, and would require the agents to complete a minimum of 24 hours of continuing education every two years to maintain the license

This bill would further provide for those title insurance agents authorized to act on the effective date of this act to continue to be licensed subject to meeting the prelicensing course and examination requirements over a period of time not to exceed one year

To amend Sections 27-25-3 and 27-25-4, Code of Alabama 1975, and to add Sections 27-25-4.1, 27-25-4.2, 27-25-4.3, 27-25-4.4, 27-25-4.5, 27-25-4.6, 27-25-4.7, and 27-25-4.8 to the Code of Alabama 1975, relating to insurance; to provide for the qualifications and procedures for the licensing of title insurance agents by providing definitions and exceptions to the licensing requirements; to require title insurance agents to pass a written examination; to provide exceptions; to require title insurance agents to complete minimum continuing education on a biennial basis; to authorize the Commissioner of Insurance to promulgate rules; and to provide a delayed effective date for certain provisions.