Indiana Code 27-7-3-9. Title insurance reserve fund
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 27-7-3-9
- 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
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 9. Every company described in section 3 of this chapter shall annually set apart, accumulate, and maintain, in a fund to be known as the title insurance reserve fund, securities of the kind and character designated by IC 27-1-13-3(b) of the face amount equal to ten percent (10%) of the actual premiums collected during the preceding year by the company on account of such title insurance, until the fund totals fifty thousand dollars ($50,000). The fund shall be maintained in the treasury of the company as additional security to the holders of policies issued by the company. However, at its option, the company may deposit the title insurance reserve fund with the department in the amount of ten thousand dollars ($10,000), or any multiple thereof up to fifty thousand dollars ($50,000). This deposit shall be known as the title insurance reserve fund deposit.
Formerly: Acts 1937, c.104, s.9. As amended by P.L.252-1985, SEC.255; P.L.159-1986, SEC.6; P.L.161-1986, SEC.3; P.L.184-1996, SEC.4.