No policy or contract of title insurance shall be written unless it is based upon a reasonable examination of the title unless a determination of insurability of title has been made in accordance with sound underwriting practices for title insurance companies and unless, on and after the effective date of this amendment, section 3953.29 of the Revised Code is complied with in connection with registered land. Evidence that a reasonable examination of a title has been made shall be preserved and retained in the files of the title insurance company or its agents for a period of not less than ten years after the policy or contract of title insurance has been issued. This section does not apply to a company assuming no primary liability in a contract of reinsurance and does not apply to a company acting as a coinsurer if one of the other coinsuring companies has complied with this section.
Ohio Rev. Code Ann. § 3953.07
Sound underwriting practices
Applied in 1 court decision — leading case 758 F. Supp. 2d 476 - Fifth Third Mortgage Company v. Chicago Title Insurance Company (2010)
Most recently applied in 758 F. Supp. 2d 476 - Fifth Third Mortgage Company v. Chicago Title Insurance Company (December 2010)
Effective: March 30, 1999; Latest Legislation: Senate Bill 83 - 122nd General Assembly
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.