(a) This chapter relates only to title insurers. (b) None of the provisions of this title shall be deemed to apply to persons engaged in the business of preparing and issuing abstracts of title to property and certifying to the correctness thereof so long as such persons do not guarantee or insure such titles.
A title insurer shall not be entitled to have a certificate of authority unless it otherwise qualifies therefor, nor unless it is a stock corporation and it deposits and keeps on deposit with the Commissioner of Finance through the Commissioner of Insurance a guaranty fund in amount of $100,000, and comprised of cash or securities […]
If an insurer’s guaranty fund deposit becomes impaired for any cause, the Commissioner shall forthwith give notice thereof to the insurer, requiring that the impairment be cured within 30 days after the date of the notice. If the impairment is not so cured, the Commissioner shall forthwith revoke the insurer’s certificate of authority.
If an insurer fails to satisfy any judgment against it arising out of its liability under any title insurance policy or certificate of title issued, insured, or assumed by it, within 30 days after the finality of the judgment became fixed, the judgment may be enforced against the insurer’s guaranty fund deposit through the following […]
The securities comprising the guaranty fund deposit shall be registered in the name of or endorsed or assigned to the Commissioner of Finance.
(a) The securities comprising the guaranty fund deposit shall be held by the Commissioner of Finance as a special guaranty fund securing the faithful performance by the insurer of all its undertakings and liabilities as to any title guaranteed or insured by it. (b) Such deposit shall not be subject to any other liabilities of […]
(a) A guaranty fund deposit shall be terminated only upon the existence of any of the following conditions: (1) upon termination of all liabilities of the insurer, other than through reinsurance, under all guaranties or insurances of titles made, issued, or assumed by it; or (2) upon reinsurance of all such liabilities of the insurer, […]
(a) Upon any termination of the guaranty fund deposit, the Commissioner of Finance shall release, through the Commissioner of Insurance, the securities comprising it to the insurer after the following conditions have been complied with: (1) the insurer shall make written application to the Commissioner of Insurance for such release, verified by the oaths of […]
The funds of a domestic title insurer, other than those representing its guaranty fund deposit, shall be invested as follows: (1) funds in amount not less than its required special reserve shall be kept invested in investments eligible for domestic life insurers; (2) other funds may be invested in— (A) the insurer’s plant and equipment; […]
(a) Premium rates for the insuring or guaranteeing of titles shall not be excessive, inadequate, or unfairly discriminatory. (b) Each title insurer shall file with the Commissioner a schedule showing the premium rates to be charged by it. Every addition to or modification of such schedule or of any rate therein contained shall likewise be […]
Title insurers and their property shall be taxed by this territory in accordance with the general laws relating to taxation, and not otherwise.
