What are the first steps in starting a Title Insurance Company?

Answer

Starting any Insurance Company requires mega paper work, title insurance is no different. Consult a good insurance attorney who is well-versed in your state's insurance laws.

An insurance COMPANY (think Prudential, Axa, State Farm) is required to have SIGNIFICANT cash reserves and liquid assets and fall under state and federal guidelines. You need to decide if you will be a privately held or public company, and if public, then you will need deal with the issues of IPO. You will need to structure the company, identify your board of directors, obtain your business financing, hire your key staff, etc.

Creating an insurance company will probably take several months to a year to get your licenses and compliances in place with the states you intend to do business in.

Please note, an Insurance COMPANY is the actual entity that issues insurance.

If you are thinking of a Title AGENCY, that is a completely different animal and, if you don't know the difference, you probably should not be in business as either.

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First answer by TitleGeek. Last edit by TitleGeek. Contributor trust: 91 [recommend contributor]. Question popularity: 42 [recommend question]

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