{"data":{"id":"us-va/14vac5-395-50","jurisdiction":"us-va","citation":"14VAC5-395-50","heading":"Audits","body":"A. Every  settlement agent  other than a title insurance company shall, at its expense, have an audit of its escrow accounts conducted by an independent certified public accountant at least once each consecutive 12-month period. The audit month shall be prescribed by the bureau. Such audit shall conform with the standards established by the American Institute of Certified Public Accountants,  AICPA Professional Standards, Volume 1, as of June 1, 2015, Special  Considerations - Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement, and shall be filed by the settlement agent with the bureau no later than 60 days after the date on which the audit is completed. A title insurance company shall be subject to the requirements of this subsection unless such company's financial statements are audited annually by an independent certified public accountant.\n\nB. Every  settlement agent other than a title insurance company shall file a copy of its audit report with each title insurance company it represents.\n\nC. In lieu of an audit conducted by a certified public accountant,  a settlement agent other than a title insurance company shall allow each title insurance company for which it has an appointment to conduct an analysis of its escrow accounts at least once each consecutive 12-month period. The form of  the analysis and the analysis month shall be prescribed by the bureau. The title insurance company shall submit a copy of its analysis to the bureau no later than 60 days after the date on which the analysis is completed. With the consent of the title insurance agent or agency, a title insurance company may share the results of its analysis with other title insurance companies that will accept the same in lieu of conducting a separate analysis.\n\nD. Every settlement agent shall  make a good faith effort to disburse funds in its possession and return the funds to the rightful owner, and escheat  annually to the Virginia Department of the Treasury  those funds for which the owner is unlocatable.\n\nE. A settlement agent other than a title insurance company shall complete and file a close-out audit with the bureau in conformance with this chapter and the bureau's instructions within 180 days from the date the settlement agent ceases conducting settlements.","path":["Title 14. Insurance","Agency 5. State Corporation Commission, Bureau of Insurance","Chapter 395. Rules Governing Settlement Agents"],"source_url":"https://law.lis.virginia.gov/admincode/title14/agency5/chapter395/section50/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:52:01Z","sha256":"07d6011dbcacf95be9c9eef6857ea649ad06598544a202b6c1d0628053329b6c","source_id":"us-va-vac","stale":false,"prev":"us-va/14vac5-395-40","next":"us-va/14vac5-395-60"},"notice":"GroundRules: Original legal text. Not legal advice."}