Effective – 01 Jan 2008, 2 histories 381.011. Citation of law — purpose statement. — 1. Sections 381.011 to 381.412 shall be known and may be cited as the “Missouri Title Insurance Act”. 2. The purpose of sections 381.011 to 381.405 is to provide the state of Missouri with a comprehensive body of law for […]
Effective – 01 Jan 2008 381.015. Title insurance commitment, required statement, when — lender’s insurance policy without owner’s title insurance, notice given when, contents, retention — penalty for violation. — 1. As used in sections 381.011 to 381.412, the term “title insurance commitment” or “commitment” means a preliminary report, commitment, or binder issued prior to […]
Effective – 01 Jan 2008 381.018. Written contract with title insurer required for commitment or policy issuance, statement of financial condition when, contents, review and notification requirements, inventory, proof of licensure, penalty for violation. — 1. The title insurer shall not allow the issuance of its commitments or policies by a title agency or title […]
Effective – 01 Jan 2008 381.019. Required disclosures. — 1. A title insurer, title agency or title agent participating in a settlement or closing of a residential real estate transaction shall provide clear, conspicuous, and distinct disclosure of premiums and charges. The director shall adopt rules not in conflict with provisions of the federal Real […]
Effective – 28 Aug 2016, 2 histories 381.022. Title insurer, agency or agent not affiliated with a title agency may operate as an escrow, security, settlement or closing agent, when, penalty for violations. — 1. As used in sections 381.011 to 381.412, the following terms mean: (1) “Escrow”, written instruments, money or other items deposited […]
Effective – 01 Jan 2008 381.023. Underwriting claims and escrow practices, review of, required when — standards for review. — 1. A title insurer shall, at least annually, conduct an on-site review of the underwriting, claims, and escrow practices of the title agency or agent with which it has a contract. If the title agency […]
Effective – 01 Jan 2008 381.024. Denial of access and failure to cooperate prohibited, penalty. — 1. It is unlawful for any title agency or title agent not affiliated with an agency to unreasonably deny access or fail to cooperate with its underwriters in the title insurers’ reviews of the agency’s or agent’s escrow, settlement, […]
Effective – 01 Jan 2008 381.025. Consideration for referrals, when, penalty. — 1. As used in this section, the term “county” or “counties” includes any city not within a county. 2. Nothing in sections 381.011 to 381.412 shall be construed as prohibiting the division of premiums and charges between or among a title insurer and […]
Effective – 01 Jan 2008 381.026. Recording of deeds and security instruments. — 1. The settlement agent shall present for recording all deeds and security instruments for real estate closings handled by it within five business days after completion of all conditions precedent thereto unless otherwise instructed by all of the parties to the transaction. […]
Effective – 01 Jan 2008 381.029. Affiliated business — definitions — requirements — rules — violations. — 1. As used in this section, the following terms mean: (1) “Affiliate”, a specific person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, the person specified; […]
Effective – 01 Jan 2008 381.038. Retention of records required, limitation, penalty for violation. — 1. For the purposes of this section, the term “direct operations” means that portion of a title insurer’s operations which are attributable to business written by a bona fide employee. 2. Records relating to escrow and security deposits shall be […]
Effective – 01 Jan 2008 381.042. Rules, authority, procedure. — 1. The director under the authority in section 374.045 may issue rules, regulations, and orders necessary to carry out the provisions of this chapter. 2. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the […]
Effective – 01 Jan 2008 381.045. Violations, penalties. — 1. If the director determines that a person has engaged, is engaging, or has taken a substantial step toward engaging in an act, practice, omission or course of business constituting a violation in this chapter or a rule adopted or order issued pursuant thereto, or a […]
Effective – 01 Jan 2008 381.048. Court actions authorized, when. — 1. The director may bring an action against any title insurer, title agency, title agent, or any director, officer, agent, employee, trustee, or affiliate of a title insurer, title agency, or title agent in a court of competent jurisdiction to enjoin violations of the […]
Effective – 01 Jan 2008 381.052. Persons authorized to conduct title insurance business. — No person other than a domestic, foreign, or non-United States title insurer organized on the stock plan and duly licensed by the director shall transact title insurance business as an insurer in this state. ——– (L. 2000 S.B. 894, A.L. 2007 […]
Effective – 01 Jan 2008 381.055. Powers of title insurer. — Subject to the exceptions and restrictions contained in this chapter, a title insurer shall have the power to: (1) Do only title insurance business; and (2) Reinsure title insurance policies. ——– (L. 2000 S.B. 894, A.L. 2007 S.B. 66) Effective 1-01-08
Effective – 28 Aug 2016, 2 histories 381.058. License required for insurer to transact business of title insurance, exclusive to other types of insurance business, limitations — closing or settlement protection authorized. — 1. No insurer that transacts any class, type, or kind of business other than title insurance shall be eligible for the issuance […]
Effective – 01 Jan 2008 381.062. Establishment and maintenance of minimum paid-in capital and paid-in initial surplus necessary for insurance business license. — Any title insurer authorized to do an insurance business in this state shall establish and maintain a minimum paid-in capital of not less than four hundred thousand dollars and, in addition, surplus […]
Effective – 01 Jan 2008 381.065. Net retained liability limits, maximum amount — reinsurance allowed — waiver by director of risk, when. — 1. The net retained liability of a title insurer for a single risk in regard to real property located in this state, or in regard to a title insurance policy issued in […]
Effective – 01 Jan 2008 381.068. Investment in title plant, amount restricted, considered asset. — In determining the financial condition of a title insurer doing business under this chapter, the general investment provisions of sections 379.080 to 379.082 shall apply; except that, an investment in a title plant or plants in an amount equal to […]
