RS 22:526: Title insurer; audit

A. The title insurer shall, at least once every three years, conduct an audit of the escrow and settlement practices, escrow accounts, security arrangements, files, underwriting and claims practices, and policy inventory of the producer. If the title insurance producer fails to maintain separate escrow or trust accounts for each title insurer it represents, the title insurer shall verify that the funds related to closings in which the title insurer's policies are issued are reasonably ascertainable from the books of account and records of the title insurance producer.

B. The commissioner may promulgate regulations setting forth the standards of audit and the form of audit required. The commissioner may also require the title insurer to provide a copy of its audit reports to the department.