20-1587

20-1587. Personal or controlled
insurance

A. As used in this article "personal or controlled insurance" means a policy of
title insurance where the insured or one of the insureds under such policy is, or the
loss thereunder is payable to:

1. The title insurer issuing such policy for its own benefit rather than as a
fiduciary, or

(a) Any person directly or indirectly owning or controlling a majority of the
voting stock or controlling interest in such title insurer, or

(b) Any corporation which is directly or indirectly controlled by a person who also
directly or indirectly owns or controls the title insurer, or

(c) Any corporation making consolidated returns for United States income tax
purposes with such title insurer or with any corporation which controls or is under
common control with such title insurer.

2. The title insurance agent issuing such policy, for his own benefit rather than
as a fiduciary, or

(a) Any person directly or indirectly owning or controlling a majority of the
voting stock or controlling interest in such agent, or

(b) Any corporation which is directly or indirectly controlled by a person who also
controls the title insurance agent, or

(c) Any corporation making consolidated returns for United States income tax
purposes with the agent or any corporation which controls or is under common control with
the agent.

B. If the fees and charges received in any one calendar year by a title insurer or
by a title insurance agent for personal or controlled insurance from any single source
shall exceed twenty-five per cent, or for personal or controlled insurance from all
sources shall exceed fifty per cent, of the total fees and charges received by such title
insurer or by such title insurance agent for title insurance issued in the same year in
this state, the excess shall be deemed to be unlawful rebate.