20-1561. Law governing title insurers A. This article applies to all title insurers, title insurance rating organizations, title insurance agents, applicants for title insurance and policyholders and to all persons and business entities engaged in the business of title insurance. B. To the extent not modified by this article, title insurers are subject to and […]
20-1562. Definitions In this article, unless the context otherwise requires: 1. " Abstract of title" means a written representation that is provided pursuant to a written or oral contract that is intended to be relied on by the person who has contracted for the receipt of the representation. The abstract of title shall include all […]
20-1563. Qualifications A. Any foreign or domestic stock insurer authorized by its corporate charter to engage in business as a title insurer shall be entitled to the issuance of a certificate of authority as a title insurer in this state upon meeting the applicable requirements of article 1 of chapter 2 of this title, together […]
20-1564. Investments A. A domestic title insurer shall invest and maintain invested funds to the amount of minimum paid-in capital required under this title only in cash and the securities described in subsection B, paragraph 1 of this section and sections 20-537, 20-538 and 20-551. B. A domestic title insurer may invest its capital, surplus […]
20-1565. Additional powers A. A title insurer may provide any other services reasonably related to the land title business and may engage in any other business which is not inconsistent with the business of issuing title insurance policies and which may be authorized by its corporate charter, but only if such services and businesses are […]
20-1566. Taxation of title insurers A. In lieu of the premium tax provisions of section 20-224, title insurers shall be subject to taxation on income as other private corporations. B. The income tax required to be paid by title insurers by the provisions of subsection A of this section shall be payment in full of […]
20-1567. Determination of insurability required A. No policy or contract of title insurance shall be written on any risk located in this state except by a title insurer authorized to do business in this state, nor unless and until the title insurer has caused to be conducted a reasonable examination of the title and has […]
20-1568. Unearned premium reserve A. Every title insurer shall, in addition to other reserves, establish and maintain a reserve to be known as the " unearned premium reserve" for title insurance on real estate, which shall, at all times and for all purposes, be deemed and shall constitute the unearned portions of premiums due or […]
20-1569. Amount of unearned premium reserve; release A. The unearned premium reserve of every title insurer shall consist of: 1. The amount of the unearned premium reserve held as of January 1, 1968. 2. The amount of all additions required to be made to the reserve by this section, less withdrawals permitted by this section. […]
20-1570. Maintenance of the unearned premium reserve If by reason of any cause, other than depreciation in the market value of investments, the amount of the assets of a title insurer held as investments of its unearned premium reserve should on any date be less than the amount required to be maintained by law in […]
20-1571. Use of the unearned premium reserve on liquidation, dissolution or insolvency A. If an order of rehabilitation or of liquidation shall have been entered with respect to a title insurer in accordance with the provisions of article 4 of chapter 3 of this title, then, and notwithstanding the provisions of such article: 1. Such […]
20-1572. Reserve for unpaid losses and loss expense A. Each title insurer shall at all times establish and maintain, in addition to other reserves, a reserve against unpaid losses, and against loss expense, and shall calculate the reserves by making a careful estimate in each case of the loss and loss expense likely to be […]
20-1573. Net retained liability A. The net retained liability of any title insurer under any single insurance risk as defined in section 20-1562, paragraphs 4 and 7 shall not exceed fifty per cent of the net amount remaining after deducting from the sum of its capital, surplus, unearned premium reserve and voluntary reserves the value, […]
20-1574. Power to reinsure A. Any title insurer authorized to engage in the business of title insurance in this state may cede reinsurance of all or any part of its liability under one or more of its title insurance policies to any title insurer authorized to engage in the business of title insurance in this […]
20-1575. Foreign title insurers; resident agent required A. A title insurer that is not incorporated under the laws of this state, but is authorized to transact business herein, shall not make, write, place or cause to be made, written or placed any policy or contract of insurance covering real property in this state except: 1. […]
20-1576. Mergers and consolidations of title insurers A. A title insurer incorporated under the laws of this state may merge, be merged by or consolidated with, one or more title insurers whether or not so incorporated, by complying with the provisions of general law governing the merger or consolidation of stock corporations formed for profit, […]
20-1577. Corporate acquisitions other than by merger or consolidation A. A title insurer incorporated under the laws of this state may issue stock in exchange for all or any part of the assets or stock of a domestic or foreign title insurer, abstract company or title insurance agent if, in advance thereof, a plan or […]
20-1578. Purchase or acquisition of controlling stock A. In the event any person or persons propose to purchase or acquire the controlling capital stock of any domestic title insurer, such person or persons shall first make application to the director for approval of such purchase or acquisition. The application shall contain the name and address […]
20-1580. Title insurance agents to be licensed A. Title insurance agents shall be licensed by the director. Application for license shall be made on forms approved by the director, and the director shall issue a license upon completion and filing the application and payment of the license fee specified in section 20-167. B. Licenses of […]
20-1581. Title insurance agents; books; records; revocation of license A. Every title insurance agent shall keep books of account, records and vouchers pertaining to the business of title insurance in such a manner that the director may readily ascertain from time to time whether the agent has complied with all applicable provisions of law. B. […]
