§ 10-11-110. Amount of Unearned Premium Reserve – Release
The unearned premium reserve of every title insurance company required to maintain such reserves in this state shall consist of: The amount of the unearned premium reserve held as of July 1, 1969, pursuant to law; and The amount of all additions required to be made to such reserve by this section, less the withdrawals […]
§ 10-11-126. Affiliated Business Arrangements – Enforcement – Penalties
The commissioner shall have the same remedies available to him or her as those available to the administrator of the department of housing and urban development in the federal “Real Estate Settlement Procedures Act of 1974”, as amended, 12 U.S.C. sec. 2607. In addition to any other remedies available to the commissioner pursuant to this […]
§ 10-11-111. Reserve for Unpaid Losses and Loss Expense
Each title insurance company, in addition to other reserves, shall at all times establish and maintain reserves against unpaid losses, and against loss expense, and shall calculate such reserves by making a careful estimate in each case of the loss and loss expense likely to be incurred by reason of every claim presented, pursuant to […]
§ 10-11-127. Fiduciary Responsibilities of Title Insurance Entities – Definition of Fiduciary Funds – Deceptive Act or Practice – Rules
A title insurance entity and its affiliates or subsidiaries in possession of fiduciary funds received and belonging to others shall hold those funds in a fiduciary capacity. The commissioner shall promulgate reasonable rules that are consistent with this section and are necessary or proper to: Require the segregation and accounting of fiduciary funds; Require notice […]
§ 10-11-112. Net Retained Liability
The net retained liability of any title insurance company under any single insurance risk, as defined in section 10-11-102 (4) and (7), shall not exceed fifty percent of the net amount remaining after deducting from the sum of its capital, surplus, unearned premium reserve, and voluntary reserves the value, if any, assigned in such summation […]
§ 10-11-113. Power to Reinsure
Any title insurance company may cede reinsurance of all or any part of its liability under one or more of its policies, contracts, or reinsurance agreements of title insurance to any reinsurer which meets or exceeds the financial requirements of a title insurance company to do business in this state and is authorized to engage […]
§ 10-11-114. Legal Investments and Admitted Assets
Title insurance companies shall comply with the investment requirements for other insurance companies under the laws of this state but, in addition, may invest in a title plant. Such title plant shall be considered an admitted asset as provided by nationally recognized insurance statutory accounting principles. The real estate in which the title plant is […]
§ 10-11-115. Prior Investments
Any investment of a title insurance company lawfully acquired before July 1, 1969, and which but for this section would be considered ineligible as an investment on such date shall be disposed of within five years from such date. The commissioner, upon application and proof that forced sale of any such investment would be contrary […]
§ 10-11-116. Title Insurance Agents Licensed
Title insurance agents shall be licensed in the manner provided for insurance producers in part 4 of article 2 of this title, except as otherwise provided in this section. Full-time employees of a corporate contractual agent of a title insurance company authorized by such company or such contractual agent to issue or countersign binders or […]
§ 10-11-117. Title Insurance Agents – Certain Names Prohibited
On and after July 1, 1969, no agent for a title insurance company shall adopt a firm name containing the words “title insurance”, “title guaranty”, or “title guarantee”, unless such words are followed by the words “agent” or “agency”. The words “agent” or “agency” must be in the same size and type as the words […]