381.018. Written contract with title insurer required for commitment or policy issuance, statement of financial condition when, contents, review and notification requirements, inventory, proof of lice

MISSOURI STATUTES AND CODES

381.018. Written contract with title insurer required for commitment or policy issuance, statement of financial condition when, contents, review and notification requirements, inventory, proof of lice

Written contract with title insurer required for commitment or policyissuance, statement of financial condition when, contents, reviewand notification requirements, inventory, proof of licensure,penalty for violation.

381.018. 1. The title insurer shall not allow the issuance of itscommitments or policies by a title agency or title agent not affiliatedwith a title agency unless there is in force a written contract between theparties.

2. The title insurer shall maintain an inventory of all policynumbers allocated to each title agency or title agent not affiliated with atitle agency.

3. The title insurer shall have on file proof that the title agencyor title agent is licensed by this state at the time a written contract isentered into or before it becomes effective.

4. The title insurer shall establish the underwriting guidelines and,where applicable, limitations on title claims settlement authority to beincorporated into contracts with its title agencies and title agents notaffiliated with a title agency.

5. If a title insurer terminates its contract with a title agencylicensed under this chapter, the insurer shall, within seven days of thetermination, notify the director of the reasons for termination, includingany information that is required to be reported under subsection 5 ofsection 375.022, RSMo.

6. A violation of any provision under this section is a level twoviolation under section 374.049, RSMo.