381.075. Additional insurance laws applicable to title insurers, insurer's supervision, rehabilitation and liquidation act, exceptions--liquidation or insolvency, treatment of security and escrow

MISSOURI STATUTES AND CODES

381.075. Additional insurance laws applicable to title insurers, insurer's supervision, rehabilitation and liquidation act, exceptions--liquidation or insolvency, treatment of security and escrow

Additional insurance laws applicable to title insurers, insurer'ssupervision, rehabilitation and liquidation act,exceptions--liquidation or insolvency, treatment of security andescrow funds, filing of claims, cancellation of policies, paymentof fully earned premiums.

381.075. 1. Sections 375.570 to 375.750, RSMo, and sections 375.1150to 375.1246, RSMo, shall apply to all title insurers subject to thischapter, except as otherwise provided in this section. In applying suchsections, the court shall consider the unique aspects of title insuranceand shall have broad authority to fashion relief that provides for themaximum protection of the title insurance policyholders.

2. Security and escrow funds held by or on behalf of the titleinsurer shall not become general assets and shall be administered assecured claims as defined in section 375.1152, RSMo.

3. Title insurance policies that are in force at the time an order ofliquidation is entered shall not be canceled except upon a showing to thecourt of good cause by the liquidator. The determination of good causeshall be within the discretion of the court. In making this determination,the court shall consider the unique aspects of title insurance and allother relevant circumstances.

4. The court may set appropriate dates that potential claimants mustfile their claims with the liquidator. The court may set different datesfor claims based upon the title insurance policy than for all other claims.In setting dates, the court shall consider the unique aspects of titleinsurance and all other relevant circumstances.

5. As of the date of the order of insolvency or liquidation, allpremiums paid, due or to become due under policies of the title insurersshall be fully earned. It shall be the obligation of title agencies, titleagents, insureds, or representatives of the title insurer to pay fullyearned premium to the liquidator or rehabilitator.