Now you can get your title insurance producer license on-line and from the convenience of your home or office! This 10-hour class includes presentations on ethics, closing practices, underwriting, RESPA, notary law, administrative law, how to read a settlement statement and a title insurance committment. Join Indiana title professionals Susan Jones of Royal Title Services, Danielle Kaiser of Agents National Title Insurance Company, Morrie Erickson of Titleplus!, Cheryl Burton of First American and Elizabeth Berg of Goodin Abernathy as they explain what a person just starting out in a title agency, as a mobile notary or as a signing agent needs to know to do business in Indiana.
The Indiana Department of Insurance (IDOI) issues title insurance producer licenses to residents and non-residents that want to do business relating to title insurance in Indiana. Specifically, the Indiana Insurance Code, codified in IC 27-1-15.6-3, states that anyone who “sell, solicits or negotiates” insurance in the State of Indiana must have a license. The IDOI has interpreted this statute broadly and issued Bulletin #135 in 2005 to clarify what types of activities require a title insurance producer license. These activities include closing real estate transactions where title insurance is issued, preparing HUD-1 Settlement Statements and disbursing funds out of an escrow account, among other tasks.
10 hours of pre-licensing education are required to receive a title insurance producer license in Indiana. During this on-line class, the registrant will be prompted to watch several video segments (5 to 15 minutes a piece) as their convenience and then will be prompted to complete a 50 question multiple choice quiz after viewing all of the video segments. Assuming that the registrant makes a 70% or greater on the quiz, the registrant will receive a pre-licensing certificate of completion at the conclusion of class and further instructions on how to apply for a title insurance producer license.
If you already have your Property & Casualty (P &C) license in Indiana, you do not need to separately take a title insurance pre-licensing class and get a title insurance license. Title insurance is a Class 2(j) product and is considered a part of the P & C line. Those who hold a P & C license are welcome to take title insurance continuing education classes to fulfill their P & C continuing education obligations and are especially encouraged to do so if not already familiar with the industry.
The only other prerequisites to obtain an Indiana title insurance producer license include filling out the license application, paying your application fee to the IDOI ($40 for residents; $90 for non-residents) and submitting your application and fee to the Indiana Department of Insurance with a pre-licensing certificate of completion.
PLEASE NOTE: The IDOI does NOT accept pre-licensing certificate of completion certificates that are more than SIX months old. If application is not made within SIX months of attending the pre-licensing class, the IDOI will most likely require the successful completion of ANOTHER pre-licensing class.
NOTE FOR NON-RESIDENTS: There seems to be some confusion about whether residents of other states need to take the pre-licensing class for Indiana to do business in Indiana. Generally speaking, if your state licenses title insurance agents and has continuing education requirements to maintain the license, you do NOT need to take the pre-licensing class. If you live in a state, such as Kentucky, that does not license title insurance agents, you WILL need to take the pre-licensing class in Indiana to do business in Indiana. For more information, contact the Producer and Agency Licensing Section of the IDOI by calling (317) 232-2411.
For those that are interested in closing loans on property located within Indiana, a notary public stamp is also required. These are issued by the Indiana Secretary of State.