692A.110 - Title insurers: Authorized activities; prohibited activity; certification and supervision of title agents and escrow officers. - Nevada Statutes

692A.110  Title insurers: Authorized activities; prohibited activity; certification and supervision of title agents and escrow officers.

      1.  Each title insurer may:

      (a) Engage in title insurance business if licensed to do so by the Commissioner.

      (b) Take action incidental to the making of a contract or policy of title insurance, directly or through a title agent or escrow officer employed by the title insurer, including the conducting or holding of money in escrow, making settlements and closing transactions.

      (c) Provide any other service related or incidental to the sale and transfer of property if it has filed notice with the Commissioner of its intention to provide the service, and the Commissioner has not disapproved the service within 30 days after the Commissioner’s receipt of the notice.

      (d) Invest in title plants.

      2.  No title insurer may engage in the business of guaranteeing the obligations of other persons.

      3.  Each title insurer shall, no later than February 1 of each calendar year, certify to the Commissioner the title agents and escrow officers it employs or appoints, including title agents and escrow officers employed by a title agent whom it has appointed. Each title insurer is responsible for and shall supervise the acts of each person that is required to be certified pursuant to this section.

      (Added to NRS by 1977, 979; A 1985, 1826; 1991, 1859)