20-1574. Power to reinsure
247 words·~1 min read·
/az/title-20/20-1574A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Any title insurer authorized to engage in the business of title insurance in this state may cede reinsurance of all or any part of its liability under one or more of its title insurance policies to any title insurer authorized to engage in the business of title insurance in this or any other state, provided, however, that no larger amount of reinsurance shall be ceded to any title insurer on a single policy of title insurance, or on any single title insurance risk, than such title insurer would be permitted to retain if authorized to engage in the business of title insurance in this state.
B. Any title insurer authorized to do business in this state may also reinsure policies of title insurance issued by other companies on risks whether located in this state or elsewhere.
C. Issuance of contracts of reinsurance by a title insurer not authorized to engage in the business of title insurance in this state, but authorized to engage in the business of title insurance in any of the United States, reinsuring a title insurer authorized to engage in the business of title insurance in this state on real property located in this state, shall not of itself constitute the doing of business in this state by such reinsurer.
D. No agreement by any domestic title insurer for the reinsurance of all or substantially all its business in force shall be effective unless it shall comply with the provisions of section 20-732.