When it comes to rules and regulations, the Texas Department of Insurance has specific ones concerning Real Estate and the handling of escrow / trust monies that Texas title agencies should be aware of.

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TDI has amended Rule P-32 effective May 1, 2008 to read as follows: Pursuant to Tex. Ins. Code Ann. § 2704.001, evidence of insurability shall be preserved and retained in the files of the title insurance company, direct operation, or title insurance agent for a period of not less than fifteen (15) years after the policy or contract of title insurance has been issued. Electronically produced or scanned documents may be retained in place of hard copies. Hard copies, electronically produced or scanned copies shall be retained for the following periods:

P-32. Document Retention.

(1) escrow accounting documentation (such as signed settlement statements, disbursement sheets, invoices, and check copies) must be retained for at least three years;

(2) evidence of insurability, including a title insurance commitment, a title report, a title opinion, or a run sheet, but not including copies of documents filed in the public records, must be retained for at least fifteen (15) years; and

(3) title insurance policies must be retained indefinitely.

These time periods for retention shall apply to electronically produced forms retained in compliance with Procedural Rule P-17.