Section 27-2.6-13. – Duties of title insurers utilizing the services of title insurance agents.
§ 27-2.6-13. Duties of title insurers utilizing the services of title insurance agents. (a) The title insurer shall not accept business from a title insurance agent unless there is in force a written contract between the parties that sets forth the responsibilities of each party and, where both parties share responsibility for a particular function, […]
Section 27-2.6-14. – Prohibition of rebate and fee splitting.
§ 27-2.6-14. Prohibition of rebate and fee splitting. A title insurer or other person shall not give or receive, directly or indirectly, any consideration for the referral of title insurance business or escrow or other service provided by a title insurer. This section does not affect a title insurer’s ability to pay consideration to persons […]
Section 27-2.6-1. – Title and purpose.
§ 27-2.6-1. Title and purpose. (a) This chapter shall be known and may be cited as the “Rhode Island Title Insurers Act.” (b) The purpose of this chapter is to provide for the effective regulation and supervision of title insurance and title insurers licensed to write title insurance in this state. History of Section.P.L. 2010, […]
Section 27-2.6-2. – Application of act and construction with other laws.
§ 27-2.6-2. Application of act and construction with other laws. (a) This chapter shall apply to all persons engaged in the business of title insurance in this state. (b) Except where the context otherwise requires, all provisions of the Rhode Island general laws applying to insurance and insurance companies shall apply to title insurance insurers. […]
Section 27-2.6-3. – Definitions.
§ 27-2.6-3. Definitions. As used in this chapter: (1) “Abstract of title” or “abstract” means a written history, synopsis or summary of the recorded instruments affecting the title to real property. (2) “Affiliate” means a specific person that directly, or indirectly through one or more intermediaries, controls, or is controlled by or is under common […]
Section 27-2.6-4. – Corporate form required.
§ 27-2.6-4. Corporate form required. No person other than a domestic, foreign or non-United States title insurer organized on the stock plan licensed under title 27 as a title insurer shall issue a title insurance policy or otherwise transact the business of title insurance in this state. History of Section.P.L. 2010, ch. 58, § 1; […]
Section 27-2.6-5. – Authorized activities of title insurers.
§ 27-2.6-5. Authorized activities of title insurers. Subject to the exceptions and restrictions contained in this chapter, a title insurer shall have the power to: (1) Do only title insurance business; (2) Reinsure title insurance policies; and (3) Perform ancillary activities, unless prohibited by the commissioner by regulation, including, examining titles to real property and […]
Section 27-2.6-6. – Limitations on powers.
§ 27-2.6-6. Limitations on powers. (a) No insurer that transacts any class, type, or kind of business other than title insurance shall be eligible for the issuance or renewal of a license to transact the business of title insurance in this state, nor shall title insurance be transacted, underwritten, or issued by any insurer transacting […]
Section 27-2.6-7. – Minimum capital and surplus requirements.
§ 27-2.6-7. Minimum capital and surplus requirements. Before being licensed to do insurance business in this state, a title insurer shall establish and maintain a minimum paid-in capital of not less than five hundred thousand dollars ($500,000) and, in addition, paid-in initial surplus of at least five hundred thousand dollars ($500,000). History of Section.P.L. 2010, […]
Section 27-2.6-8. – Admitted asset standards.
§ 27-2.6-8. Admitted asset standards. In determining the financial condition of a title insurer doing business under this chapter, the investment provisions of chapters 11 and 11.1 of this title shall apply, except that an investment in a title plant or plants in an amount equal to the actual cost shall be allowed as an […]