ARTICLE 2. Title Insurers; Capital and Guarantee Fund Requirements [12350. - 12360.]

Article 2 enacted by Stats. 1935, Ch. 145.

§§ 12350–12360 · 11 sections

• § 12350 Every title insurer, before issuing any policy, shall deposit $100,000 with the Insurance Commissioner or other designated official of its home State as a…
• § 12351 Any such deposit may be made either in lawful money of the United States or in any of the securities, other than collateral trust bonds or notes, authorized…
• § 12352 If the deposit is made in this state, it shall first be approved by the commissioner who shall make a special deposit thereof in the State Treasury, for the…
• § 12353 Except as provided in section 12355, assets in such deposits in this State may, with the approval of the commissioner, be withdrawn or exchanged from time to…
• § 12354 As long as the depositing insurer continues solvent, it shall receive the interest and dividends on any assets in the deposit.
• § 12355 Except on withdrawal of the insurer from this State, or substitution pursuant to section 12353, assets in the deposit in this State shall be subject to final…
• § 12356 When any part of the assets to be deposited in this State consists of mortgage-secured notes or bonds, or loans upon real property secured by mortgage, such…
• § 12357 Unless the mortgage is covered by mortgage insurance, the value of the property covered by each such mortgage constituting all or part of such deposit in this…
• § 12358 The reasonable cost of examining such evidence of title and of making such appraisement, shall be paid by the title insurer making the deposit.
• § 12359 A title insurer shall not transact any insurance in this state unless it has paid-in capital represented by shares of stock of at least five hundred thousand…
• § 12360 An insurer which anywhere in the United States transacts any class of insurance other than title insurance is not eligible for the issuance of a certificate of…