Indiana Code 27-7-3-7. Deposits; title insurance fund
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Terms Used In Indiana Code 27-7-3-7
- company: shall mean and include any corporation, domestic or foreign, to which this chapter is applicable. See Indiana Code 27-7-3-2
- department: shall mean the department of insurance of the state of Indiana. See Indiana Code 27-7-3-2
- title insurance: means a contract of insurance against loss or damage on account of encumbrances upon or defects in the title to real estate. See Indiana Code 27-7-3-2
Sec. 7. Every company described in section 3 of this chapter, before engaging in business, shall deposit with the department the sum of fifty thousand dollars ($50,000) either out of its capital or surplus. The deposit shall be known as the title insurance fund and must be deposited in securities of the kind and character designated by IC 27-1-13-3(b).
Formerly: Acts 1937, c.104, s.7. As amended by P.L.252-1985, SEC.253; P.L.159-1986, SEC.5; P.L.161-1986, SEC.2; P.L.184-1996, SEC.3.