NCS Chicago would like to remind our valued Agents on the policies for record retention.
The IL Title Insurance Act requires the retention of certain records for at least 7 years after issuance of a title insurance policy or as provided by applicable federal law.
Record Retention Training
Chicago Title Insurance Company (“NCS Chicago”) will create training on record retention requirements required under the Illinois Title Insurance Act, rules and regulations promulgated pursuant to the Act, and federal law, which NCS Chicago shall post to its website and make available to all of its agents. (See attached bulletin.) NCS Chicago will incorporate such training into its new agent on-boarding process and into its bi-monthly training webinars for agents.
Chicago Title Insurance Company will require its full-service agents to maintain copies of their contracts with attorney agents, including, but not limited to agreements respecting title premium splits or other compensation. This requirement will be incorporated into all trainings as well.
Audits
As noted in the attached FNTG bulletin, Chicago Title Insurance Company will conduct periodic field audits of its Agents to ensure compliance regarding retention of documents.