RS 22:520

202 words·~1 min read·/la/title-22/22-533

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RS 22:520

§520. Underwriting contracts required; title insurer, producer

A. No person acting in the capacity of a title insurance producer shall place business with a title insurer, and no title insurer shall accept business from a title insurance producer, unless there exists a written contract between the parties. The written contract shall establish the responsibilities of each party, and where both parties share responsibility for a particular function, specify the division of such responsibilities. The written contract shall also contain the following provisions as a minimum:

(1)The basis of the rates to be charged.

(2)The types of risks which may be undertaken.

(3)Maximum authority or limits of liability.

(4)Territorial limitations.

(5)Guidelines for title searches and examinations.

(6)Underwriting guidelines.

(7)All terms of compensation for the title insurance producer.

(8)Policies and funds remittance.

(9)Termination provisions.

B. The contract shall not be assigned in whole or in part by the title insurance producer without the express written consent of the title insurer.

Acts 1997, No. 1427, §1; Acts 1999, No. 192, §1, eff. June 9, 1999; Redesignated from R.S. 22:2092.8 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.