Kansas Administrative Regulations
Agency 40 - INSURANCE DEPARTMENT
Article 3 - FIRE AND CASUALTY INSURANCE
Section 40-3-43 - Title insurance; controlled business; definitions; requirements
Universal Citation: KS Admin Regs 40-3-43
Current through Register Vol. 43, No. 39, September 26, 2024
(a) For purposes of K.S.A. 40-2404(14)(f) through (i) and amendments thereto, the following terms shall have the meanings specified in this subsection:
(1) "Closed title order"
shall mean an order for which a policy or policies of title insurance have
actually been issued.
(2)
"Controlled business" shall mean any portion of a title insurer's or title
agent's business in this state that was referred by any producer of title
business if the producer of title business with a financial interest in the
title insurer or title agent to which the business is referred initiates the
referral.
(3) "Title insurance
order" shall mean an order for an owner's title insurance policy or an order
for a loan policy of title insurance, or both. Each pair of orders for an
owner's title insurance policy and a loan policy of title insurance to be
issued simultaneously for the same real estate transaction shall constitute one
order. The policies of title insurance issued under this transaction shall
constitute one closed title order only if both policies are issued by the same
title insurer or title agency.
(b) Each title agent shall keep all records of escrow operations and escrow trust accounts for at least three years.
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