Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This regulation prescribes requirements for
forms to be used in this state and filing procedures with the
director.
(1) Title Insurance
Commitments, Policies and Other Forms.
(A) No
title insurer in this state shall issue or agree to issue any standard form of
title insurance binder, title insurance commitment, preliminary report, title
insurance policy, title insurance form endorsement, other contract of title
insurance or any related form unless the forms have been filed with the
director as required by section
381.085,
RSMo. A form is standard if the form is to be applied in more than one (1)
instance. The filing must be received by the director at least thirty (30) days
before the use of the form.
(B) No
policy, standard form endorsement or simultaneous instrument which provides
title insurance coverage shall be issued unless it contains the premium
collected for the issuance of the policy as calculated from the filed risk rate
for the policy.
(2)
Closing Protection Letters.
(A) No title
insurer, agency or agent in this state shall issue or agree to issue a closing
protection letter unless the form has been filed with the director as required
by section
381.085,
RSMo. The filing shall be received by the director at least thirty (30) days
before the use of the form.
(B) The
terms of coverage of closing protection letters used to satisfy the
requirements of section 381.022.5 or
381.058,
RSMo, shall be consistent with the applicable Closing Protection Letter form
(Form T-8 or Form T-9), or any form that substantially comports with the
specified form, approved by the director in rule
20 CSR
500-7.030. Any such form may be modified by the
insurer by striking the two (2) provisions that limit liability to five (5)
million dollars.
(3)
Filing Fees. The filing fee for forms filed under this rule is fifty dollars
($50) per filing as required by section
374.230(5),
RSMo.
(4) Insured closing letters
issued pursuant to sections
381.400 to
381.405,
RSMo, are not closing protection letters for purposes of this rule. Insured
closing letters shall not be used to satisfy the requirements of section
381.022.5 or
381.058,
RSMo. Insured closing letters are not required to be filed with the director
under section
381.085,
RSMo, unless a fee is charged for the insured closing letter.
*Original authority: 374.045, RSMo 1967, amended 1993,
1995; 381.042, RSMo 2000, amended 2007; and 381.085, RSMo 2000, amended
2007.
