(1) Except as provided in subdivision (a)(2) of this section and § 23-103-404, only an appointed title insurance agency licensed under § 23-64-101 et seq. shall issue title insurance policies, reports, or otherwise transact title insurance business.
(2) An appointed title insurance agency licensed under § 23-64-101 et seq. shall not issue closing protection or issue as an insurer a title insurance policy.
(3) All title insurance policies and reports covering an insurable interest in title to real property located in this state shall be signed by a title insurance agent: Properly appointed by a title insurer;
(4) Affiliated with a title insurance agency; and
(5) Licensed in this state under this subchapter.