NC S140

Domestic and foreign title insurance companies are now subject to the same capital, surplus, deposit, and investment requirements governing stock casualty companies.

Title insurance companies must establish a statutory premium reserve of $0.17 per $1,000 of net retained liability, released over 20 years using a specified declining percentage schedule.

Amounts exceeding statutory premium reserve requirements as of December 31, 2018, are released to net profits on that date.

Professional bailbondsmen acting as sureties must maintain deposits reduced from one-eighth to one-twelfth of all bonds or undertakings written, with a minimum deposit of $15,000.

Provisions related to title insurance become effective October 1, 2018; provisions regarding bailbondsmen deposits become effective upon enactment.