How current events impact your business and real estate holdings

Thursday, January 18, 2018

New York State Senate Says Aye to Bill Allowing Title Insurance Marketing Expenses

With 61 ayes and 0 nays, the New York State Senate passed S6704 which provides a definition for “an inducement for, or as compensation for, any title insurance business” in Insurance Law 6409. The new definition allows title companies and agents to continue usual and customary marketing activities such as taking clients out for coffee or lunch. The only requirement is that these marketing expenses must not be offered as a quid pro quo for a particular piece of title insurance business.

Nonetheless, title insurance companies and agents are still holding their breath as it is still in the Assembly’s hands to approve A8467 and effectively ease Regulation 208’s prohibitions on inducements for title insurance business.

You can track the Assembly’s actions on A8647 through this link