A. As used in this article "personal or controlled insurance" means a policy of title insurance where the insured or one of the insureds under such policy is, or the loss thereunder is payable to:

Terms Used In Arizona Laws 20-1587

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiduciary: A trustee, executor, or administrator.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • personal or controlled insurance: means a policy of title insurance where the insured or one of the insureds under such policy is, or the loss thereunder is payable to:

    1. See Arizona Laws 20-1587

  • Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
  • Title insurance agent: means a domestic or foreign stock corporation or limited liability company authorized in writing by a title insurer to solicit insurance and collect premiums and to issue or countersign policies in its behalf, except that the term "title insurance agent" shall not include officers or salaried employees of any title insurer authorized to do a title insurance business within this state. See Arizona Laws 20-1562
  • Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

1. The title insurer issuing such policy for its own benefit rather than as a fiduciary, or

(a) Any person directly or indirectly owning or controlling a majority of the voting stock or controlling interest in such title insurer, or

(b) Any corporation which is directly or indirectly controlled by a person who also directly or indirectly owns or controls the title insurer, or

(c) Any corporation making consolidated returns for United States income tax purposes with such title insurer or with any corporation which controls or is under common control with such title insurer.

2. The title insurance agent issuing such policy, for his own benefit rather than as a fiduciary, or

(a) Any person directly or indirectly owning or controlling a majority of the voting stock or controlling interest in such agent, or

(b) Any corporation which is directly or indirectly controlled by a person who also controls the title insurance agent, or

(c) Any corporation making consolidated returns for United States income tax purposes with the agent or any corporation which controls or is under common control with the agent.

B. If the fees and charges received in any one calendar year by a title insurer or by a title insurance agent for personal or controlled insurance from any single source shall exceed twenty-five per cent, or for personal or controlled insurance from all sources shall exceed fifty per cent, of the total fees and charges received by such title insurer or by such title insurance agent for title insurance issued in the same year in this state, the excess shall be deemed to be unlawful rebate.

  Previous section
Next section  
 Article 9 Contents