38.2-4601.1 - Title insurance agency or agent defined. - Virginia Statutes

§ 38.2-4601.1. Title insurance agency or agent defined.

A "title insurance agency or agent" means any individual or business entitylicensed in the Commonwealth, pursuant to Chapter 18 (§ 38.2-1800 et seq.) ofthis title, as a title insurance agent and appointed by a title insurancecompany licensed in the Commonwealth, who shall perform all of the followingservices (for which liability arises) relevant to the issuance of titleinsurance policies, subject to the underwriting directives and guidelines ofthe agent's title insurance company. These services shall include (i) theevaluation of the title search to determine the insurability of the title;(ii) a determination of whether or not underwriting objections have beencleared; (iii) the actual issuance of a title commitment or binder andendorsements; and (iv) the actual issuance of the policy or policies andendorsements on behalf of the title insurance company. A title insuranceagent holding any funds in escrow shall promptly deposit such funds in atrust account in a financial institution licensed to do business in thisCommonwealth. Such trust account shall be separate from all other accountsheld by the agent.

(1993, c. 147; 1997, c. 426; 2001, c. 706.)