1. No policy or contract of title insurance may be completed or executed until the title insurer has or has caused to be:
(a) Conducted a reasonable search and examination of the title; and
(b) Determined the insurability of the title in accordance with its established underwriting practices.
2. Each title insurer shall maintain records and evidence of its search and examination and of its determination of insurability for a period of not less than 5 years after the date of the policy or contract.