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Why are fidelity bonds a topic of this newsletter?
DFI has recently determined that some provisions of existing fidelity policies may not provide adequate protection to the consumers of Washington State. In an effort to identify and correct any issues of our licensees’ fidelity policies, DFI will complete a comprehensive review of all fidelity policies again this year.
Does this impact my E&O or surety bond?
No, the review of the E&O and surety bonds will remain the same at this time.
What action do I need to take?
Keep your eye out for future communication regarding this issue. We will send additional information out via ListServ in the upcoming months. Until that time, continue the normal process of submitting the certificate of insurance before expiration of your bond, followed by the declarations page of your bond as soon as it is available.
Where can I find the laws and rules pertaining to this issue?
You may access the Escrow Agent Registration Act and accompanying rules on the DFI website using the following link www.dfi.wa.gov/cs/escrow/escrow_act_info.htm#laws.
If you have any questions, please contact Ariana Wood email@example.com.
Fees associated with taking the Escrow Officer Exam are changing. Effective March 1, the fee for the Escrow Officer Exam will be $175. The fee for another copy of your exam results will be $12 if you took the exam within the year or $35 if you took the exam outside of the past year.
None at this time.