Sec. 38a-45. (Formerly Sec. 38-29). Limitation on title insurance and mortgage guaranty insurance.
Sec. 38a-45. (Formerly Sec. 38-29). Limitation on title insurance and mortgage guaranty insurance. No corporation shall insure or guarantee titles to real estate
situated in this state except subject to and in accordance with all laws of this state relating
to insurance or insurance companies generally or relating to the powers or duties of the
commissioner. No corporation doing title insurance business may do any other line of
insurance business. No corporation doing mortgage guaranty insurance business may
do any other line of insurance business. The commissioner may adopt regulations, in
accordance with chapter 54, which set requirements concerning the amount of deposits
and the establishment and maintenance of unearned premium and loss reserves and
other liabilities of domestic title insurance companies and foreign mortgage guaranty
insurance companies for the purpose of protecting their policyholders.
(1949 Rev., S. 6087; February, 1965, P.A. 530; P.A. 77-23; P.A. 90-243, S. 11; P.A. 04-10, S. 3.)
History: 1965 act added provision re commissioner's power to regulate deposit amounts, unearned premium and loss
reserves, etc.; P.A. 77-23 prohibited corporations doing title insurance business or mortgage guaranty insurance business
from engaging in any other business; P.A. 90-243 substituted "foreign" for "nonresident" companies; Sec. 38-29 transferred
to Sec. 38a-45 in 1991; P.A. 04-10 added reference to chapter 54 re adoption of regulations.