Contact: Preliminary notification and advance contact needs to be made with:
Jim Scanlon
Examiner Title & Market Insurance Specialist
(208)334-4321
Download and Fill Out Application and Title Plant Information
- Application – INS-LIC-T/1 for Title Insurance Agent License
- Plant Information – INS-LIC-T/2. If a new plant, it must be inspected
and approved by the Department prior to license issuance. If purchasing or leasing an existing plant, attach a copy of the purchase and
sales agreement.
Financial Requirements to be Included With the Application
- Application License Fee - $50.00.
- Certified Copy of an escrow surety bond. The bond shall be in the minimum amount of ten thousand dollars ($10,000) per county in which
the title insurance agent is licensed and increased in increments of ten thousand dollars ($10,000) corresponding to each additional
person employed as an escrow officer in the county, provided that the maximum bond required of any title insurance agent shall be fifty
thousand dollars ($50,000) irrespective of the number of counties in which the agent is licensed or the number of escrow officers employed
and provided that the manager or supervisor of the title insurance agent’s principal office in a county shall not be counted as an escrow
officer in determining the amount of the title insurance agent’s bond. The bond shall run to the director of insurance and the condition
of the bond shall be that the title insurance agent shall pay damages which may be sustained by the public in the conduct of title
insurance related business as defined in section
41-2704(3), Idaho Code, by
reason of the title insurance agent’s failure to comply with the provisions of this act and the regulations promulgated pursuant thereto
by the director of insurance which shall include damages sustained by reason of fraud, dishonesty, forgery, theft or wilful misapplication
of funds committed by the title insurance agent and its employees. Such bond(s) may be by blanket form coverage. In lieu of such bond,
cash or securities approved by the director in like amount may be deposited through the director of insurance under custodial arrangement
as provided for deposits by insurers under section
41-804, Idaho Code. The cash
or securities so deposited shall be subject to the same condition as the bond.
Other Requirements
- If the title agent will be performing escrow closings then escrow rates shall be filed establishing a title agent’s basic rate
including a minimum and negotiated rate. Include rates for maintaining an interest bearing escrow account for earnest money and
rates for long term escrow accounts.
- If the title agent is a Limited Liability Company (L.L.C), include the
INS-LIC-T-LLC addendum.
- Copy of business filing with the Secretary of State.
- Provide documentation of verifiable experience in the title insurance industry.
- Provide documentation of familiarity and understanding of applicable sections of the Idaho Code and Rules. Primarily, but not
necessarily limited to, Idaho Code Title
41, Chapter 27; IDAPA Rules
18.05.01,
18.05.02, and
18.05.03.
- If any principal, partner, owner, or entity is a producer of title business as defined by
IDAPA 18.05.03.010.03 , complete and include
INS-LIC-T-FININT Financial Interest Notice. Please
review IDAPA 18.05.02.008 .
Mail Completed and Signed Application (w/any additional required items) to:
Idaho Department of Insurance
700 W. State Street, 3rd Floor
P.O. Box 83720
Boise, Idaho; 83720-0043
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