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SB 1604 (2008) c. 285

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SB 1604, c. 285: Escrow Agents’ Fidelity Corporation. Requires that any private insurance policy maintained by an escrow agent be applied as primary coverage, in the event of a loss covered by both the private insurance and the Escrow Agents Fidelity Corporation (EAFC).  Intent is to clarify coverage issues in the event a claim is covered both by EAFC and an escrow company's private insurance policy, clarify the length of time that must pass and the procedures that must be followed by an individual who has been denied an EAFC Certificate or had their certificate revoked, before that individual may reapply for a certificate, and ensure that both EAFC and DOC are informed of certain occurrences that might indicate an increased risk of loss by an escrow company.