(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.
(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.