§ 23-103-415. Rules promulgated by Insurance Commissioner
The Insurance Commissioner shall issue rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., to implement this subchapter.
§ 23-103-416. Penalties — Liabilities
(a) If the Insurance Commissioner determines that a title insurer, title insurance agency, title insurance agent, or any other person has violated this subchapter or any rule or order promulgated under this subchapter, the commissioner may order: (1) (A) Payment of a monetary penalty not to exceed one thousand dollars ($1,000) for each act or […]
§ 23-103-417. Access to public records
(a) A title insurance agent, a title insurance agency, and a person affiliated with a title insurance agency shall: (1) Have free access to the instruments of record affecting real property filed in any city, county, or state office; and (2) Be permitted to: (A) Occupy reasonable space, use equipment, and make memoranda, notations, and […]
§ 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 […]