TitleGram - Important Reporting Information from OSI
Greetings All!
I received the following letter via email from the OSI: The 2021 version of the ASR and USR forms and instructions are attached and available on the Title Insurance website https://www.osi.state.nm.us/index.php/departments/title/
Underwriter's Statistical Report
The USR that you submit should include the consolidated activities of your company throughout New Mexico. A signed, notarized electronic copy of the report must be submitted to the Office of Superintendent of Insurance (not the Public Regulation Commission to avoid penalties). The electronic copy may be submitted by electronic mail to title.insurance@state.nm.us. The format of the electronic copy must be Microsoft Excel version 5.0 or higher (handwritten reports or PDF formatted reports will not be accepted). Only the Signed and Notarized Affidavit may be submitted in a PDF format.
Please note: original/hardcopy reports will NOT be accepted.
All schedules of the USR must be complete. You may not modify the format of the USR. Any incomplete or modified report is unacceptable and considered untimely filed. To avoid penalties, please make certain all parts of this report are complete and in the correct format before submittal.
Please note: original/hardcopy reports will NOT be accepted.
The ASR that you submit should include the consolidated activities of your agency throughout all New Mexico counties in which you are licensed. A signed, notarized electronic copy of the report must be submitted to the Office of Superintendent of Insurance (not the Public Regulation Commission). The electronic copy may be submitted by electronic mail to title.insurance@state.nm.us. The format of the electronic copy must be Microsoft Excel version 5.0 or higher (handwritten reports or PDF formatted reports will not be accepted). Only the Signed and Notarized Affidavit may be submitted in a PDF format.
Please note: original/hardcopy reports will NOT be accepted.
All schedules of the ASR must be complete. You may not modify the format of the ASR. Any incomplete or modified report is unacceptable and considered untimely filed. To avoid penalties, please make certain all parts of this report are complete and in the correct format before submittal.
Please note: original/hardcopy reports will NOT be accepted.
The 2021 ASR and USR’s are due by May 16th, 2022. If you have any questions or need assistance in this matter, please feel free to contact us.
All reports, affidavits and forms should address and use the Office of Superintendent of Insurance and not the Public Regulation Commission. No incomplete reports and reports addressing the Public Regulation Commission are accepted, no extensions. Penalties are set out in the order.
The 2021 Order for the Agreed Upon Procedures Report (AUPR) and sample size guidelines are attached and available on the Title Insurance website at Title – NM Office of Superintendent of Insurance (state.nm.us)
Please be sure to forward to you CPA for completion. PLEASE NOTE: an example report, with the current AICPA guidance and schedules will be posted to the OSI website next week for additional guidance.
AUPR
The 13.14.4 NMAC is attached and the sample size guidelines. If you have questions please feel free to contact Ratigan Heenan at Ratigan.Heenan@mossadams.com. A signed, notarized electronic copy of the report must be submitted to the Office of Superintendent of Insurance (not the Public Regulation Commission). The electronic PDF format copy must be submitted by electronic mail to title.insurance@state.nm.us (original/hardcopy and handwritten reports will not be accepted).
All schedules of the AUPR must be complete. You may not modify the format of the AUPR. Any incomplete or modified report is unacceptable and will be denied and considered untimely filed. To avoid penalties, please make certain all parts of this report are complete and in the correct format before submittal.
Escrow Compliance – Agreed Upon Procedures
Title insurance agents must comply with the escrow services standards contained in Title 13, Chapter 14, Part 4 of the New Mexico Administrative Code. Standards require that an independent certified public accountant must perform specific procedures designed to test compliance with these standards. Submit the AUPR covering the 2021 calendar year to the Office of Superintendent of Insurance. The published sample size guidance is on the Title Insurance Bureau website Title – NM Office of Superintendent of Insurance (state.nm.us)
The 2021 AUPR is due by May 16th, 2022. If you have any questions or need assistance in this matter, please feel free to contact our office.
All reports, affidavits and forms should address and use the Office of Superintendent of Insurance and not the Public Regulation Commission. No incomplete reports and reports addressing the Public Regulation Commission are accepted, no extensions. Penalties are set out in the order.
Wishing you the best!
Sincerely,
J. W. Baldock
President
