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CA Department of Insurance

UTC Annual Statement Filing

TO: Underwritten Title Companies and/or Controlled Escrow Companies Required to Report to the Insurance Commissioner of the State of California

SUBJECT: Monthly Financial Reporting Requirement

Please be advised that California Department of Insurance ("CDI") will be requiring a company to file its financial statement on a monthly basis when its financial condition falls under any of the following two categories:

  1. Its net worth is less than 150% of the statutory minimum net worth requirement.
  2. Its current operating trend demonstrates that it will not be able to comply with the statutory minimum net worth and/or working capital requirements.

In addition, CDI will be requiring the company to submit a plan of operation enumerating the corrective actions that it plans to take and the methods it proposes to adopt in order to strengthen its financial condition.  The company will be billed for the time spent by the financial analyst in reviewing its financial statements and plan of operation; and communicating with the company.  In order to minimize the cost to the company, CDI encourages management of the company to plan ahead and seek additional sources of capital contribution as soon as they become aware that the company's financial stability is at risk.

All filings, unless otherwise noted, must be submitted using Online Assistance System for Insurer Submittals ("OASIS")

All original signature pages must be mailed to:

California Department of Insurance
Financial Analysis Division, Financial Records Unit
300 South Spring Street, South Tower, 13th Floor
Los Angeles, CA 90013

For inquiries, please contact:

Financial Records Unit
Phone: (213) 346-6423
E-mail: Financial_Records@insurance.ca.gov

 

Deputy Insurance Commissioner
Financial Surveillance Branch

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