(a) For purposes of this title, a person engages in the business of title insurance if the person:
(1) as insurer, guarantor, or surety, makes or proposes to make a contract or policy of title insurance or its equivalent;
(2) transacts or proposes to transact any phase of title insurance, including:
(A) soliciting;
(B) title examination other than an examination conducted by an attorney;
(C) closing the transaction other than a closing conducted by an attorney;
(D) executing a contract of title insurance; and
(E) insuring and transacting matters arising out of the contract after the contract is executed, including reinsurance; or
(3) makes a guaranty or warranty of a title search or a title examination, or any component of a title search or title examination, if the person is not the person who performs the search or examination.
(b) A person engages in the business of title insurance if the person engages in or proposes to engage in any business that is substantially equivalent to the business of title insurance as described by this section, regardless of whether that conduct is performed in a manner designed to evade the provisions of this title.