After years of reading the Texas Department of Insurance (TDI) Compliance Summary Reports, I’ve found that there are a few items that always appear on the top of the violation/discrepancy list. Below are five of these items. Paying attention to the details can help keep your files accurate and free of problems that TDI might find on its next audit. Read these over and set up procedures with your staff to avoid making these mistakes.
Top Violations Found in TDI Audits
- Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
- Outstanding checks not cleared timely.
- Every disbursement not supported by invoice or sufficient other evidence.
- All parties receiving portions of the real estate commission not disclosed on settlement statement.
- Funds not disbursed or escheated to State.