Title Insurance Act

The Title Insurance Act governs the business of title insurance, setting the terms under which companies may be authorized to insure titles to real property and the standards they must meet to keep operating. It establishes financial requirements — minimum capital and surplus, statutory premium and other reserves, limits on investments, reinsurance and retained liability, and annual statements subject to regulatory examination — along with licensing and oversight of title insurance agents, independent escrowees, and the handling of settlement funds and closing protection. It also regulates market conduct, prohibiting referral fees and kickbacks, preserving the consumer's right to choose a title insurance company, addressing non-English language transactions and record retention, and backing these requirements with penalties, injunctive relief, and remedies extending to receivership and involuntary liquidation.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.