20-1591. Forms of policies and other contracts
of title insurance; approval or disapproval
A. Every title insurer shall file with the director all forms of title policies and
other contracts of title insurance before issuance of any policy or contract. A title
insurance rating organization may make filings on behalf of all of its members or
subscribers. A title insurer shall not issue any policy or contract until thirty days
after the policy or contract has been filed with the director. A policy or contract is
approved thirty days after filing unless the director has issued, within the thirty day
period, an order affirmatively approving or disapproving the form. On written notice
given within the thirty day period to the person making the filing, the director may
extend the period for up to fifteen additional days to enable the director to complete
the review of the filing.
B. Forms of title policies and other contracts of insurance, as used in this
section, shall specifically exclude:
1. Reinsurance contracts or agreements,
2. All specific defects in title that may be ascertained from an examination of the
risk and excepted in reports, binders or policies, together with any affirmative
assurance of the title insurer with respect to the defects whether given by endorsement
or otherwise, and
3. Further exceptions from coverage by reason of limitations on the examination of
the risk imposed by an applicant for insurance or through failure of an applicant for
insurance to provide the date requisite to a judgment of insurability.
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