381.038. Retention of records required, limitation, penalty for violation.

MISSOURI STATUTES AND CODES

381.038. Retention of records required, limitation, penalty for violation.

Retention of records required, limitation, penalty for violation.

381.038. 1. For the purposes of this section, the term "directoperations" means that portion of a title insurer's operations which areattributable to business written by a bona fide employee.

2. Records relating to escrow and security deposits shall bepreserved and retained by a title insurer engaged in direct operations,title agency, and title agent for as long as appropriate to thecircumstances but, in no event less than seven years after the escrow orsecurity deposit account has been closed.

3. A title agent and a title agency shall remit premiums to the titleinsurer under the term of its agency contract, but in no event later thanwithin sixty days of receiving an invoice from the title insurer. A titleinsurer, title agency, or title agent shall promptly issue each titleinsurance policy within forty-five days after compliance with therequirements of the commitment for insurance, unless special circumstancesas defined by rule delay the issuance.

4. This section shall not apply to a title insurer acting ascoinsurer if one of the other coinsurers has complied with this section,and shall not apply to a reinsurer.

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