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Virginia Title Insurance Settlement Agent Bond

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What is a Virginia Title Insurance Settlement Agent Bond?

Title Insurance Settlement Agents required to register with the Virginia State Corporation Commission, Bureau of Insurance as a settlement agent pursuant to Chapter 27.3 of Title 55 of the Code of Virginia must also furnish and maintain a surety bond. The surety bond is conditioned on the principal's full compliance with the provisions of the laws of the Commonwealth of Virginia along with the rules, regulations, and any orders set out by the State Corporation Commission pertaining to Title Insurance Settlement Agents.

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Title Insurance Settlement Agent Bond

$200,000 Bond

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Why is a Virginia Title Insurance Settlement Agent Bond Required?

The surety bond protects the Commonwealth of Virginia and any aggrieved persons who may be damaged by principal's violations of laws, regulations, or orders as prescribed by the Chapter 27.3 of Title 55 of the Code of Virginia and the Virginia State Corporation Commission, Bureau of Insurance. In such instances, the state or other parties may maintain an action against this bond to recover monetary damages.