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IN SB0370
Bill
AI Summary
- Adds title insurance to the types of insurance regulated under Indiana's general insurance rate filing and approval chapter, effective July 1, 2013
- Requires title insurance companies and rating organizations to file policy forms, endorsements, manuals, and rating schedules with the insurance commissioner at least 30 days before the proposed effective date for approval
- Defines "closing protection letter" as a written indemnification to parties in real estate transactions regarding misconduct or errors by agents during closing
- Mandates that title insurance companies issue closing protection letters to lenders, borrowers, buyers, and sellers in residential real estate transactions where the company also acts as settlement agent, with fees for each party receiving the letter
- Makes closing protection letters optional (upon request) for nonresidential real estate transactions, with coverage protecting against theft or misappropriation of settlement funds and failure to comply with written closing instructions
Legislative Description
Title insurance.
Last Action
Public Law 80
5/13/2013
Committee Referrals
Insurance1/8/2013
Full Bill Text
No bill text available