February 19, 2020

In This Issue:

  • TDI: How to Print Your Insurance License
  • Another Federal Circuit Finds Phishing Loss Covered Under Crime Policy
  • Early Voting for Primary Elections Continues
  • Texas Legislature: Texas Privacy Protection Advisory Council to Meet March 25
  • Fannie/Freddie Report Growing Net Worth Under New Policy

TDI: How to Print Your Insurance License

Texas Department of Insurance | Feb. 14, 2020
Go to the Sircon website and select “Print a license” from the list on the left.
There’s no fee for the first 30 days after your license is approved or renewed or if you sign up for a free Sircon for Individuals account.
 
Select individual or firm license and Texas from the state menu. Enter:
  • Last 4 digits of your Social Security number
  • Last name
  • License number
If you don’t remember your license number, click on the lookup link. You can also get your number from TDI’s search and renewal page.
 
Verify that the license information is correct and click “continue.”
 
Your license will be displayed, including a wallet-sized version. Click “submit.”
 
Click “print” from the toolbar at the top of the page.
 
Voila! Now it’s up to you to find the perfect frame to show off your insurance know-how.
For more information about managing your license, visit the Agent and Adjuster section of our website.
 

Another Federal Circuit Finds Phishing Loss Covered Under Crime Policy

Insurance Journal | Feb. 11, 2020
Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these increasingly prevalent schemes are an ever-present risk for businesses, the body of case law finding these losses covered under crime insurance policies continues to develop.

A previous post on the Farella Braun + Martel blog discussed decisions from the Second Circuit and Sixth Circuit that have found coverage under crime policies for phishing-related losses. Now, with its decision in December in Principle Sols. Grp., LLC v. Ironshore Indem., Inc., 944 F.3d 886 (11th Cir. 2019), the Eleventh Circuit has held that such losses are covered by policies insuring against fraudulent instructions.

The facts of Principle followed a pattern seen in many phishing schemes. A fraudster, impersonating Principle Solutions Group, LLC’s managing director, sent the company’s controller an email requesting that she work with a specified lawyer to make a wire transfer in connection with an acquisition. That fake lawyer then emailed the controller with wire instructions.
 
Read More »
 

Early Voting for Primary Elections Continues

TLTA | Feb. 11, 2020
Texas is an open-primary state. As long as you are registered to vote, you can vote in either the Republican or Democratic primary, but not both. Regardless of the primary in which you choose to vote, you can vote for candidates of any party during the general election in November. 
 
On this year's primary election ballots you will find legislative, statewide, congressional and State Board of Education candidates. Thirty incumbent Texas legislators have primary challengers (28 in the House, two in the Senate). Fourteen incumbent Texas legislators have vacated their seats (13 in the House, one in the Senate), leaving those seats up for grabs. 
 
As you know, the Texas Legislature governs our regulated industry, and our industry cannot count on the support of business-friendly, community-driven lawmakers if we don't show up at the polls and give them our votes. Voter turnout in Texas is the among the lowest in the nation, so please make a plan to vote early next week, and be sure to remind your family, friends, neighbors and coworkers that voting is one of our country's most cherished liberties.
 
As always, if you would like to discuss any of the candidates on your ballot or the impact of this election on our industry, please contact TLTA's Government Affairs Director, Aaron Day
 
Early Voting: Feb 18-28 
Primary Election: March 3 

 
Where and When to Vote From Texas Secretary of State »
More Primary Election Information From the Texas Tribune »
 

Texas Legislature: Texas Privacy Protection Advisory Council to Meet March 25

TLTA | Feb. 17, 2020
The Texas Privacy Protection Advisory Council, which is responsible for conducting a global study of privacy laws related to the protection of identifiable information connected to a specific individual, technological device, or household, will meet March 25 in Austin.
 
The Council is responsible for reporting any recommendations for statutory changes intended to enhance data security to the Texas Legislature no later than Sept. 1, 2020.
 
TLTA is closely monitoring the council's work, and our team will remain engaged in any privacy legislation that affects title agents and their customers. 
 
Date, Time and Location for the Meeting March 25 »
 

Fannie/Freddie Report Growing Net Worth Under New Policy

Mortgage News Daily | Feb. 13, 2020
Both of the government sponsored enterprises (GSEs) posted strong earnings for the fourth quarter of 2019 as well as for the entire year. They are now reporting growing net worth after achieving revisions in the 2012 version of their agreement with the U.S. Treasury that allows them to retain their earning.

Fannie Mae reported net income of $14.16 billion for 2019 and fourth quarter earnings of $4.37 billion. The annual income was down from $15.96 billion in 2018, but quarterly income was $402 million higher than that generated in Q3.

Net revenues for the year rose from 21.93 billion in 2018 to $22.14 billion last year and from $5.23 billion in the third quarter to $5.85 billion. Revenue includes both net interest income and income from fees. Interest income increased from $5.23 billion in the third quarter to $5.85 billion in the fourth primarily due to an increase in prepayments due to refinancing in the low interest rate environment.
 
Read More »

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