What is the GARC and how much is it?
Closed from January 1, 2014 through December 31, 2014 ONLY - Title Agents are required to collect
a Guaranty Assessment Recoupment Charge ("GARC") fee for each owners and loan (mortgagee) policy issues throughout
all of 2014, and then remit that quarterly to TTIGA. The amount of the fee is set by the Texas Department of Insurance,
Commissioner, and is $1.80 per policy for the entire year of 2014. The GARC fee is only charged for one year, as
there has been no assessment for 2015, and the remittance process is very similar to the Guaranty Fee remittance.
The fees are due on the first day of the month following each
calendar quarter. Per the Title Manual rules, the remittance must be postmarked ON OR BEFORE the
Due Date. If the Due Date falls on a weekend or Holiday, the fees must still be postmarked BEFORE
the Due Date. The Due Dates are:
Calendar Quarter 2014 Ending
Remittance Due Dates
May 1, 2014
August 1, 2014
November 1, 2014
February 1, 2015
The GARC Remittance Form:
The remittance form is designed by the Title Division of Texas Department of Insurance and promulgated by the Commissioner
of Insurance. Modification or copying of the form is not allowed. If you have any problems with the form on this
page, please let Reed know at 512-480-5120 and she will try to assist you.
GARC Remittance Form-PDF FILLABLE
Form is just above this text line. Sorry, I cannot change the font color.
Frequently Asked Questions (FAQs):
- Number One Most Frequently
Asked Question: Do we have to remit the fees collected for a transaction that closed on December
31, 2014 but for which we didn't receive the money until January 2015?
all fees are required to be disclosed to your customers at the time of the transaction,
i.e. the “closing date,” all fees disclosed to your customers for transactions with a closing date on or
before December 31, 2014 are required to be remitted to the Guaranty Association whether or not the title agent "collected"
the money in 2014 and also even if it was not "funded" until this January 2015
or in the future. The Texas Department of Insurance requires that you remit the $1.80
for each policy by the February 1, 2015 due date for all transactions that closed in 2014
whether or not you received the money in 2014.
- The GARC checks
can be cut from the same escrow account as the GF; however, if you have any GF stragglers, you must remit the GARC with separate
checks. The GARC is deposited into a different account than the GFs were.
- This also means we will not accept any wire transfers for either fees any longer.
for remittance to TTIGA is not much different from the Guaranty Fee remittances. The form is the same, the
due dates are the same, but the amount is different. Read the GF FAQs to give you an idea.
- What is our Firm ID Number?
At the end of 2013, the Texas Department of Insurance switched from the "Agency ID" to using the number associated
with Sircon, Sircon is the licensing service provider for Texas (See this announcement from TDI in 2009). The Firm ID is a 5-digit number (soon to be 6 digits). If you don't know what your Firm
ID No. is, you can download the entire list from TDI's website https://apps.tdi.state.tx.us/sfsdatalookup/StartAction.do or lookup your account with Sircon.
This website is to provide general information only about the Texas Title Insurance Guaranty Association (“TTIGA”).
If, after you review these pages, you have any questions that are not answered, you should call, write, or
email us (refer to Contact Us page). For a definitive statement of the laws governing TTIGA, you must refer to the Texas
Title Insurance Guaranty Act (the “Act”), Chapter 2602 of the Texas Insurance Code, and the decisions interpreting
it. The information contained herein is subject to change in the event that the Texas Legislature enacts
amendments to the Act. If there is any inconsistency between this site and any applicable law, then such
law will control. We offer links to other websites but do not guaranty the accuracy or completeness of
the information on those websites.
Copyright 2008-2015 Texas Title Insurance
P.O. Box 2212 * Austin
* TX * 78768-2212