(a)  A title insurer or authorized rate service organization shall not deliver or issue for delivery or permit any of its authorized title insurance agents to deliver in this state, any policy form, in connection with title insurance written, unless it has been filed with and approved by the commissioner.

Terms Used In Rhode Island General Laws 27-2.6-17

  • Commissioner: means the director of the department of business regulation, or his or her designee or the commissioner, director or superintendent of insurance in any other state. See Rhode Island General Laws 27-2.6-3
  • insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-United States title insurer licensed in this state to transact the business of title insurance. See Rhode Island General Laws 27-2.6-3
  • policy: means a contract insuring or indemnifying owners of, or other persons lawfully interested in, real or personal property or any interest in real property, against loss or damage arising from any or all of the following conditions existing and not excepted or excluded:

    (i)  Defects in or liens or encumbrances on the insured title;

    (ii)  Unmarketability of the insured title;

    (iii)  Invalidity, lack of priority or unenforceability of liens or encumbrances on the stated property;

    (iv)  Lack of legal right of access to the land; or

    (v)  Unenforceability of rights in title to the land. See Rhode Island General Laws 27-2.6-3

(b)  Forms covered by this section shall include:

(1)  Title insurance policies, including standard form endorsements; and

(2)  Title insurance commitments issued prior to the issuance of a title insurance policy;

(3)  An insurer may use American Land Title Association (ALTA) approved checklists on endorsements.

(c)  After notice and opportunity to be heard are given to the insurer or rate service organization which submitted a form for approval, the commissioner may withdraw approval of the form on finding that the use of the form is contrary to the legal requirements applicable at the time of withdrawal. The effective date of withdrawal of approval shall not be less than ninety (90) days after notice of withdrawal is given.

(d)  Any term or condition related to an insurance coverage provided by an approved title insurance policy or any exception to the coverage, except those ascertained from a search and examination of records relating to a title or inspection or survey of a property to be insured, may only be included in the policy after the term, condition or exception has been filed with the commissioner and approved.

History of Section.
P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.