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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>TO: WLTA Members (NOTE: You may get more than one copy of this email due to overlapping distribution lists.)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>RE: Request for Regulatory Review – Title Company Dollar Limits (Chapter 284-29 WAC)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>Please see (1) attached letter sent to the Office of the Insurance Commissioner requesting a review of certain WAC provisions, and (2) a response (below) from M. Todd Dixon of the OIC. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>As you probably know, members of the WLTA are invited to participate in a meeting with representatives of the OIC, and this question was raised at the 2023 meeting, resulting in the letter.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><b><i><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>NOTE</span></i></b><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>: We are NOT inviting any comments or discussion of this matter by or among WLTA members via email. However, the Board may re-visit the topic at the request of a member at a future Board meeting.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>Here is Mr. Dixon’s response:<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.1pt'>Dear Mr. Peters, </span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><o:p> </o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'>Thank you for your request dated November 15, 2023 regarding title company expenditure limit increases. The Office of the Insurance Commissioner (OIC) reviewed the specific dollar threshold amounts for title companies transacting business in Washington and believes they are appropriate. We have compared our existing regulations to other states’ authorities and have determined that your request will not be added to the next rulemaking agenda.</span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'> </span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'>The Legislature delegated rulemaking authority to the OIC to limit title insurance business inducements, and our current code reflects a focus on the consumer protections that title insurance products provide, not on gifts and exchanges. The statutes require our agency to ensure that title companies and affected parties focus on the business of this industry and avoid improper influence by exchanging other items of monetary value. Title company expenditure dollar limits serve important consumer protection purposes, and we believe Washington markets are best maintained by the existing thresholds.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'>The OIC has continued interest in your industry goals, so we’d like to request further information on the thresholds you prefer. We welcome you to submit materials that support an industry need for increased limits, such as evidence that the current limits are resulting in consumer harm or decreased market adequacy.</span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'> </span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'>Please note that this response does not constitute legal advice and that the OIC is not in the position to provide you with legal advice on this issue. </span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'> </span><o:p></o:p></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'>Thanks again for your correspondence. We look forward to continued conversations with the land title industry.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:.5in;text-align:justify'><span style='font-family:"Segoe UI",sans-serif;letter-spacing:-.2pt'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:.5in'><o:p> </o:p></p><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=749 style='width:561.75pt;margin-left:.5in'><tr style='height:142.5pt'><td width=127 valign=top style='width:95.55pt;padding:0in 0in 0in 0in;height:142.5pt'><p class=MsoNormal><a href="https://urldefense.com/v3/__http:/www.insurance.wa.gov/__;!!L1aKtqoz4WY!abSFtb4M_zUI1nt5_Jqs7FJtYzuXLb1i8dx1F20hjNOrerjL0pugG2jj-eSR4zNsWbBQ_tyUtT9jkp8v6yB3-g$" title=oic.wa.gov><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:blue;mso-ligatures:none;text-decoration:none'><img border=0 width=127 height=159 style='width:1.325in;height:1.6583in' id="Picture_x0020_1" src="cid:image001.png@01DA7AC6.27FA4F80" alt="Washington State Office of the Insurance Commissioner"></span></a><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none'><o:p></o:p></span></p></td><td width=622 valign=top style='width:466.2pt;padding:0in 0in 0in 0in;height:142.5pt'><p class=MsoNormal><b><span style='font-size:14.0pt;font-family:"Segoe UI",sans-serif;color:#005A8B;mso-ligatures:none'><br>M. Todd Dixon<br></span></b><span style='font-size:10.0pt;font-family:"Segoe UI",sans-serif;color:gray;mso-ligatures:none'>(he/him/his)</span><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none'><br></span><i><span style='font-size:10.0pt;font-family:"Segoe UI",sans-serif;color:#888888;mso-ligatures:none'>Deputy Insurance Commissioner<br>Consumer Protection Division &<br>Agency Tribal Liaison<br>Washington State Office of the Insurance Commissioner </span></i><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none'><br></span><span style='font-size:10.0pt;font-family:"Segoe UI",sans-serif;color:#888888;mso-ligatures:none'>360.725.7262 / office <br>1-800-562-6900 (Hotline)<br><a href="mailto:Todd.Dixon@oic.wa.go">Todd.Dixon@oic.wa.go</a><i><o:p></o:p></i></span></p></td></tr></table><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>George<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>George Peters, WTP<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Executive Director<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Washington Land Title Association<o:p></o:p></span></p><p class=MsoNormal><a href="https://washingtonlandtitle.com"><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#0563C1'>https://washingtonlandtitle.com</span></a><span style='font-size:12.0pt;font-family:"Times New Roman",serif'> <span style='color:#1F497D'><o:p></o:p></span></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Mail: PO Box 328, Lynnwood, WA 98046<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Delivery: 6817 208<sup>th</sup> St SW, #328, Lynnwood, WA 98036<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>206-437-5869 (Mobile)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D'>206-260-4731 (Fax)<o:p></o:p></span></p><p class=MsoNormal><a href="mailto:execdirector@wltaonline.org"><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:blue'>execdirector@washingtonlandtitle.com</span></a><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='mso-ligatures:none'><img border=0 width=169 height=97 style='width:1.7583in;height:1.0083in' id="Picture_x0020_3" src="cid:image002.jpg@01DA7AC6.27FA4F80" alt="WLTA Logo w-Ring Blue 1a"><img border=0 width=95 height=95 style='width:.9916in;height:.9916in' id="Picture_x0020_2" src="cid:image003.jpg@01DA7AC6.27FA4F80"></span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>This is a confidential communication intended solely for the named recipient. If you are not the intended recipient, please destroy it and call George Peters at 206-437-5869 immediately. Thank you.<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>