CT SB00277

Requires title insurers to issue closing protection letters for all loan insurance policies covering residential buildings with four units or less, effective October 1, 2014.

Permits title insurers to charge a commissioner-approved fee for issuing closing protection letters and prohibits agents from retaining any portion of such fees.

Allows title insurers to guarantee their own obligations and those of their agents and affiliates through closing protection letters as an exception to prohibited activities.

Authorizes title insurers to issue closing protection letters for other residential and commercial real property types at their discretion.

Requires title insurers to file closing protection letter forms with the commissioner for approval under the same process used for title insurance policies and other related documents.