Although some real estate and financial services professionals may be hesitant to engage directly with regulators at industry events, some of the best outcomes for industry members are the result of collaboration with the people whose job it is to hold them accountable to the law.
October Research Chief Knowledge Officer and Keys to Real Estate podcast host Mary Schuster discussed why that sort of engagement is so important while speaking with a pair of incredibly personable leaders of the National Association of Insurance Commissioners (NAIC), which regulates the title insurance industry.
Chuck Myers and Connie Van Slyke – chair and vice chair of the NAIC title insurance working group – shared plenty of insights about the aim of the NAIC’s title insurance working group intended to enhance industry participation to help regulators address existing issues and challenges.
“There is that underlying thought that the regulator wants to go out and play whack-an-agent, kind of like that ‘Whack-a-Mole’ game,” Myers said. “And that’s not the case. Trust me, if we have some bad players out there, regulators are going to take the appropriate action. They’re not just going to swoop in and start fining people.”
They dug into the historical context of title insurance regulation and the vital role open communication can play in addressing industry concerns, including current issues in title insurance and the future directions for the industry.
Listen to the full episode here or on most major streaming platforms and YouTube.
Title insurance professionals can also meet with Myers and other industry regulators and policymakers face-to-face at the National Settlement Services Summit’s (NS3) new Meet Your Regulators event.
For more information about NS3, taking place June 16-18 in Pittsburgh, and to register, visit NS3theSummit.com.