§ 23-103-404. Authorized activities of title insurers
(a) Subject to the exceptions and restrictions contained in this subchapter, a title insurer may: (1) Transact only title insurance business; (2) Reinsure title insurance policies; and (3) Unless prohibited by the Insurance Commissioner, perform or cause to be performed ancillary activities whether or not in contemplation of or in conjunction with the issuance of […]
§ 23-103-405. Title insurers — Limitation of authority — Powers
(a) (1) An insurer that transacts any class, type, or kind of insurance other than title insurance is not eligible for the issuance or renewal of a license to transact title insurance business in this state. (2) Title insurance shall not be transacted, underwritten, or issued by any insurer transacting or licensed to transact any […]
§ 23-103-406. Title insurance agents — Examination of records
The Insurance Commissioner or title insurer during normal business hours may examine, audit, and inspect any and all books, records, files, and escrow and operating accounts related to title insurance reports and policies maintained by a title insurance agency, its successor in interest, transferee, or receiver under this subchapter.
§ 23-103-407. Agency contracts
(a) (1) A person acting in the capacity of a title insurance agency shall not place business with a title insurer, and a title insurer shall not accept business from a title insurance agency unless a written contract exists between the title insurer and title insurance agency. (2) The written contract shall establish the responsibilities […]
§ 23-103-408. Minimum search requirements
(a) A title insurance report or title insurance policy shall not be issued unless the title insurance agency or title insurance agent has caused to be made a search of the title from the evidence prepared from a title plant or files of the county where the property is located or from the records of […]
§ 23-103-409. Title insurance agent — Restrictions
A title insurance agent shall not: (1) Bind reinsurance on behalf of the title insurer; (2) Permit any of its directors, officers, controlling shareholders, or employees to serve on the title insurer’s board of directors if the title insurance agent wrote five percent (5%) or more of the direct premiums of the title insurer written […]
§ 23-103-410. Title insurance inventory maintenance
(a) The title insurer and the title insurance agency shall each maintain an inventory of all numbered policy forms or policy numbers assigned to the title insurance agency by the title insurer. (b) If title insurance policies are generated electronically by the title insurer, the title insurer shall maintain the inventory of policy numbers assigned […]
§ 23-103-411. Title insurer — Audit
(a) (1) At least one (1) time each year, a title insurer shall conduct an on-site audit of the escrow and closing practices related to the issuance of title insurance policies, escrow accounts, security arrangements, files, underwriting and claims practices, and policy inventory of the title insurance agencies that the title insurer has authorized to […]
§ 23-103-412. Title insurer — Restrictions
A title insurer shall not: (1) Appoint any director, officer, controlling shareholder, or employee of a title insurance agency to serve on the title insurer’s board of directors if the title insurance agency wrote five percent (5%) or more of the direct premiums of the title insurer written during the previous calendar year as shown […]
§ 23-103-413. Policyholder rights and disclosure
(a) (1) When a title insurance report includes an offer to issue an owner’s title insurance policy covering the resale of owner-occupied residential property, the title insurance report shall be furnished to the purchaser or mortgagor or to the representative of the purchaser-mortgagor as soon as reasonably possible before closing. (2) The title insurance report […]