§ 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 […]
§ 23-103-414. Record retention requirements
(a) The title insurer and the title insurance agency shall maintain sufficient records of their affairs, including evidence of underwriting title, determination of insurability, and records of their escrow operations and escrow accounts. (b) The Insurance Commissioner may prescribe the specific records and documents to be kept and the length of time for which the […]
§ 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 […]
§ 23-102-104. Establishment of Arkansas Earthquake Authority
(a) There is created a nonprofit legal entity to be known as the “Arkansas Earthquake Authority”. The authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. The authority is created as a political subdivision, instrumentality, and body politic of the State of Arkansas and, as such, is […]
§ 23-103-401. Title
This subchapter shall be known and may be cited as the “Arkansas Title Insurance Act”.
§ 23-102-105. Board
(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules. The commissioner shall apportion the number […]
§ 23-103-402. Definitions
As used in this subchapter: (1) “Closing” means the collection and disbursement of funds and title insurance premiums out of escrow in connection with a transaction involving either personal or real property, including the transfer of title or creation of a lien on the title; (2) “Closing agent” means a person that facilitates a closing; […]
§ 23-102-106. Immunity and limitations on liability
There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas Earthquake Authority’s agents or employees, the Board of the Arkansas Earthquake Authority, or the Insurance Commissioner or his or her representatives for any act or omission in the performance of their […]
§ 23-103-403. Requirement for license
(a) (1) Except as provided in subdivision (a)(2) of this section and § 23-103-404, only an appointed title insurance agency licensed under § 23-64-101 et seq. shall issue title insurance policies, reports, or otherwise transact title insurance business. (2) An appointed title insurance agency licensed under § 23-64-101 et seq. shall not issue closing protection […]