Louisiana Revised Statutes 22:521 – Title insurance producer; policies and funds remittance
Terms Used In Louisiana Revised Statutes 22:521
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. Unless a later date is specifically authorized by the title insurer for a particular transaction, the title insurance producer shall account for and remit all funds and policies due under the contract to the title insurer by the earlier of:
(1) Sixty days after the effective date of the policy.
(2) The time specified by the underwriting contract.
B. Notwithstanding the provisions of Subsection A of this Section, when a report has been issued, the title insurance producer shall account for and remit all funds and policies due under the contract to the title insurer within sixty days after satisfaction of all requirements and conditions of the report.
C. The premium for any policy of insurance shall be due and payable at the settlement of the transaction.
D. No title insurer or title insurance producer shall issue a title insurance report wherein the issuance of a policy of insurance is not contemplated.
Acts 1999, No. 192, §1, eff. June 9, 1999; Redesignated from La. Rev. Stat. 22:2092.8.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.