reglab/housing_qa huggingface dataset:
RI Gen L § 27-2.4-22 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.4 - Producer Licensing Act|Section 27-2.4-22 - Severability.

§ 27-2.4-22. Severability.If any provisions of this chapter, or the application of a provision to any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected.History of Section.P.L. 2001, ch. 14, § 3; P.L. 2001, ch. 15, § 3.
RI Gen L § 27-2.4-23 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.4 - Producer Licensing Act|Section 27-2.4-23 - Errors and omissions insurance required of resident insurance producers.

§ 27-2.4-23. Errors and omissions insurance required of resident insurance producers.(a) All holders of resident insurance producer licenses issued by the insurance division of the department of business regulation of the state of Rhode Island shall, as a condition for obtaining and retaining such license, carry and maintain errors and omissions insurance covering the business activities contemplated, in an amount not less than two hundred fifty thousand dollars ($250,000) per claim and five hundred thousand dollars ($500,000) annual aggregate limit. Authorized insurance producers of a licensed firm may meet the requirements of this section with a policy in the name of the licensed firm insuring each licensee employed by, or associated with, the firm.(b) Licensees shall maintain records and keep copies of all errors and omissions policies issued under this subsection.(c) Failure to carry and maintain errors and omissions insurance may result in the suspension or revocation of the resident insurance producer license.(d) This section shall not apply to insurance producers that are employed in that capacity directly by insurance companies.(e) The department of business regulation may grant a written exemption to any producer who shows that he/she is not engaged in the sale, solicitation or negotiation of insurance. Such exemption shall only be valid while the insurance producer is not engaged in the sale, solicitation or negotiation of insurance.History of Section.P.L. 2006, ch. 92, § 1; P.L. 2006, ch. 154, § 1; P.L. 2007, ch. 85, § 1; P.L. 2007, ch. 211, § 1.
RI Gen L § 27-2.5-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.5 - Interstate Compact on Insurance Product Regulations|Section 27-2.5-1 - Short title.

§ 27-2.5-1. Short title.This chapter may be cited as the "Interstate Compact."History of Section.P.L. 2004, ch. 463, § 1.
RI Gen L § 27-2.6-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-1 - Title and purpose.

§ 27-2.6-1. Title and purpose.(a) This chapter shall be known and may be cited as the "Rhode Island Title Insurers Act."(b) The purpose of this chapter is to provide for the effective regulation and supervision of title insurance and title insurers licensed to write title insurance in this state.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-2 - Application of act and construction with other laws.

§ 27-2.6-2. Application of act and construction with other laws.(a) This chapter shall apply to all persons engaged in the business of title insurance in this state.(b) Except where the context otherwise requires, all provisions of the Rhode Island general laws applying to insurance and insurance companies shall apply to title insurance insurers.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-4 - Corporate form required.

§ 27-2.6-4. Corporate form required.No person other than a domestic, foreign or non-United States title insurer organized on the stock plan licensed under title 27 as a title insurer shall issue a title insurance policy or otherwise transact the business of title insurance in this state.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-5 - Authorized activities of title insurers.

§ 27-2.6-5. Authorized activities of title insurers.Subject to the exceptions and restrictions contained in this chapter, a title insurer shall have the power to:(1) Do only title insurance business;(2) Reinsure title insurance policies; and(3) Perform ancillary activities, unless prohibited by the commissioner by regulation, including, examining titles to real property and any interest in real property and procuring and furnishing related information and information about relevant personal property, when not in contemplation of, or in conjunction with, the issuance of a title insurance policy.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-6 - Limitations on powers.

§ 27-2.6-6. Limitations on powers.(a) No insurer that transacts any class, type, or kind of business other than title insurance shall be eligible for the issuance or renewal of a license to transact the business of title insurance in this state, nor shall title insurance be transacted, underwritten, or issued by any insurer transacting or licensed to transact any other class, type, or kind of business.(b) A title insure shall not engage in the business of guaranteeing payment of the principal or the interest of bonds or mortgages.(c) (1) Notwithstanding subsection (a) of this section, and to the extent such coverage is lawful within this state, a title insurer is expressly authorized to issue closing or settlement protection to a proposed insured upon request if the title insurer or its title agent issues a preliminary report, binder, or title insurance policy. Such closing or settlement protection must be provided in connection with the issuance of any loan policy insuring a lender's interest in residential property intended for residential occupancy containing four (4) or less units. Nothing in this section shall prohibit the title insurer from providing such closing or settlement protection in connection with the issuance of any loan policy insuring a lender's interest in any other type of residential or commercial property. The closing or settlement protection shall conform to the terms of coverage and form of instrument as approved by the commissioner and may indemnify a proposed insured solely against loss of settlement funds only because of the following acts of a title insurer's named title insurance agent:(i) Theft of settlement funds; and(ii) Failure to comply with written closing instructions by the proposed insured when agreed to by the title insurance agent relating to title insurance coverage.(2) The fee charged by a title insurer for each party receiving closing protection coverage shall be filed with, and approved by, the commissioner pursuant to § 27-2.6-16. The fee shall not be subject to any agreement requiring a division of fees or premiums collected on behalf of the title insurer. The single fee shall be for the protection of all parties receiving the benefit of closing protection, to wit: The buyer(s) or borrower(s) and the lender(s) in connection with the real property transaction giving rise to the issuance of the closing or settlement protection.(3) A title insurer shall not provide any other coverage that purports to indemnify against improper acts or omissions of a person with regard to escrow, settlement, or closing services, except for an insured closing letter in a form approved by the department.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1; P.L. 2014, ch. 354, § 1; P.L. 2014, ch. 393, § 1.
RI Gen L § 27-2.6-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-7 - Minimum capital and surplus requirements.

§ 27-2.6-7. Minimum capital and surplus requirements.Before being licensed to do insurance business in this state, a title insurer shall establish and maintain a minimum paid-in capital of not less than five hundred thousand dollars ($500,000) and, in addition, paid-in initial surplus of at least five hundred thousand dollars ($500,000).History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-8 - Admitted asset standards.

§ 27-2.6-8. Admitted asset standards.In determining the financial condition of a title insurer doing business under this chapter, the investment provisions of chapters 11 and 11.1 of this title shall apply, except that an investment in a title plant or plants in an amount equal to the actual cost shall be allowed as an admitted asset for title insurers. The aggregate amount of the investment shall not exceed the lesser of twenty percent (20%) of admitted assets or forty percent (40%) of surplus to policyholders, as shown on the most recent annual statement of the title insurer on file with the commissioner.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-9 - Reserves.

§ 27-2.6-9. Reserves.In determining the financial condition of a title insurer doing business under this chapter, the Rhode Island general laws requiring the establishment of reserves sufficient to cover all known and unknown liabilities including allocated and unallocated loss adjustment expense, shall apply, except that a title insurer shall establish and maintain additional reserves in accordance with regulations promulgated by the insurance commissioner.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-10 - Liquidation, dissolution or insolvency.

§ 27-2.6-10. Liquidation, dissolution or insolvency.(a) Chapter 14.3 of this title shall apply to all title insurers subject to the Title Insurance Act, except as otherwise provided in this section. In applying the provisions of chapter 14.3 of this title, the court shall consider the unique aspects of title insurance and shall have broad authority to fashion relief that provides for the maximum protection of the title insurance policyholders.(b) Security and escrow funds held by or on behalf of the title insurer shall not become general assets and shall be administered as secured creditor claims defined in chapter 14.3 of this title.(c) Title insurance policies that are in force at the time an order of liquidation is entered shall not be canceled except upon a showing to the court of good cause by the liquidator. The determination of good cause shall be within the discretion of the court. In making this determination, the court shall consider the unique aspects of title insurance and all other relevant circumstances.(d) The court may set appropriate dates that potential claimants must file their claims with the liquidator. The court may set different dates for claims based upon the title insurance policy than for all other claims. In setting dates, the court shall consider the unique aspects of title insurance and all other relevant circumstances.(e) As of the date of the order of insolvency or liquidation, all premiums paid, due or to become due under policies of the title insurers, shall be fully earned. It shall be the obligation of agents, insureds or representatives of the title insurer to pay fully earned premium to the liquidator or rehabilitator.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-11 - Diversification requirement.

§ 27-2.6-11. Diversification requirement.(a) Without the prior written approval of the commissioner, a domestic title insurer shall not accept:(1) Additional business from a title insurance agent that is not an affiliated company with the insurer if, when added to other business written through the title insurance agent during the same calendar year, that agent's aggregate premiums written on behalf of the title insurer will exceed twenty percent (20%) of the title insurer's gross premiums written during the prior calendar year, as shown on the title insurer's most recent annual statement on file with the commissioner; or(2) Additional direct operations business from a single source if, when added to other direct operations business from the single source during the same calendar year, the aggregate premiums written on the direct operations business of the single source will exceed twenty percent (20%) of the title insurer's gross premiums written during the prior calendar year as shown on the title insurers most recent annual statement on file with the commissioner. For purposes of this section a "single source" means a person that refers business to the title insurer and any other person that controls, is controlled by, or is under common control with, that person.(b) In determining whether prior approval may be given, the commissioner shall consider:(1) The potential that the acceptance of more business from the title agent or source may adversely affect the financial solvency of the title insurer;(2) The availability of competing title agents or additional sources in the territories in which the title insurer accepts risks;(3) The number of years the title insurer has been in business;(4) Reinsurance arrangements mitigating the concentration of business from the agent or source;(5) The comparative profitability of the agent's or source's book of business;(6) The degree of oversight of the agent's operations exercised by the title insurer; and(7) Any other circumstances deemed by the commissioner to be appropriate.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-12 - Policyholder treatment.

§ 27-2.6-12. Policyholder treatment.(a) When a title insurance report includes an offer to issue an owner's policy covering the resale of owner-occupied residential property, the report shall be furnished to the purchaser-mortgagor or its representative as soon as reasonably possible prior to closing. If the report cannot be delivered prior to the day of closing, the title insurer or agent shall document the reasons for the delay. The report furnished to the purchaser-mortgagor shall incorporate the following statement on the first page in bold type:"Please read the exemptions and the terms shown or referred to herein carefully. The exemptions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered. It is important to note that this form is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land." (b) A title insurer issuing a lender's title insurance policy in conjunction with a mortgage loan made simultaneously with the purchase of all or part of the real estate securing the loan, where no owner's title insurance policy has been requested, shall give written notice to the purchaser-mortgagor at the time the commitment is prepared. The notice shall explain that a lender's title insurance policy is to be issued protecting the mortgage-lender, and that the policy does not provide title insurance protection to the purchaser-mortgagor as the owner of property being purchased. The notice shall explain what title policy insures against and what possible exposures exist for the purchaser-mortgagor that could be insured against through the purchase of an owner's policy. The notice shall also explain that the purchaser-mortgagor may obtain an owner's title insurance policy protecting the property owner at a specified cost or approximate cost, if the proposed coverages or amount of insurance is not then known. A copy of the notice, signed by the purchaser-mortgagor, shall be retained in the relevant underwriting file at least five (5) years after the effective date of the policy.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-13 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-13 - Duties of title insurers utilizing the services of title insurance agents.

§ 27-2.6-13. Duties of title insurers utilizing the services of title insurance agents.(a) The title insurer shall not accept business from a title insurance agent unless there is in force a written contract between the parties that sets forth the responsibilities of each party and, where both parties share responsibility for a particular function, specifies the division of responsibilities.(b) The title insurer shall, on at least a biennial basis, conduct an on-site review of the underwriting, claims, and escrow practices of the agent that shall include a review of the agent's policy blank inventory and processing operations.(1) If the title insurance producer is also an attorney, and asserts that any documents requested in connection with the review provided in subsection (b) are prohibited from disclosure by an ethical requirement, the producer shall identify in writing the particular document, the applicable privilege, and provide a redacted copy to the title insurer.(c) A domestic title insurer shall not appoint to its board of directors an officer, director, employee, or controlling shareholder or any title insurance agent who wrote one percent (1%) or more of the title insurer's direct premiums written during the previous calendar year as shown on the tile insurer's most recent annual statement on file with the commissioner. This subsection shall not apply to relationships governed by § 27-35-1 et seq.(d) The title insurer shall maintain an inventory of all policy forms or policy numbers allocated to each title insurance agent.(e) The title insurer shall have on file proof that the title insurance agent is licensed by this state.(f) The title insurer shall establish the underwriting guidelines and, where applicable, limitations on title claims settlement authority to be incorporated into contracts with its title insurance agents.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1; P.L. 2014, ch. 488, § 1; P.L. 2014, ch. 521, § 1.
RI Gen L § 27-2.6-14 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-14 - Prohibition of rebate and fee splitting.

§ 27-2.6-14. Prohibition of rebate and fee splitting.A title insurer or other person shall not give or receive, directly or indirectly, any consideration for the referral of title insurance business or escrow or other service provided by a title insurer. This section does not affect a title insurer's ability to pay consideration to persons or entities who provide core services, as defined by the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2607, as amended.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-15 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-15 - Favored agent of title insurer.

§ 27-2.6-15. Favored agent of title insurer.A title insurer shall not participate in any transaction in which it has actual knowledge that a producer or other person requires, directly or indirectly, or through any trustee, director, officer, agent, employee or affiliate, as a condition, agreement or understanding to selling or furnishing any other person a loan, or loan extension, credit, sale, property, contract, lease or service, that the other person shall place a title insurance policy of any kind with the title insurer or through a particular title insurance agent.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-16 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-16 - Premium rate filings and standards.

§ 27-2.6-16. Premium rate filings and standards.No title insurer may charge any rates regulated by the state after the effective date of this act, except in accordance with the premium rate schedule and manuals filed with and approved by the commissioner in accordance with the provisions of chapter 44 of this title.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-17 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-17 - Form filing.

§ 27-2.6-17. Form filing.(a) A title insurer or authorized rate service organization shall not deliver or issue for delivery or permit any of its authorized title insurance agents to deliver in this state, any policy form, in connection with title insurance written, unless it has been filed with and approved by the commissioner.(b) Forms covered by this section shall include:(1) Title insurance policies, including standard form endorsements; and(2) Title insurance commitments issued prior to the issuance of a title insurance policy;(3) An insurer may use American Land Title Association (ALTA) approved checklists on endorsements.(c) After notice and opportunity to be heard are given to the insurer or rate service organization which submitted a form for approval, the commissioner may withdraw approval of the form on finding that the use of the form is contrary to the legal requirements applicable at the time of withdrawal. The effective date of withdrawal of approval shall not be less than ninety (90) days after notice of withdrawal is given.(d) Any term or condition related to an insurance coverage provided by an approved title insurance policy or any exception to the coverage, except those ascertained from a search and examination of records relating to a title or inspection or survey of a property to be insured, may only be included in the policy after the term, condition or exception has been filed with the commissioner and approved.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
RI Gen L § 27-2.6-18 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-2.6 - Rhode Island Title Insurers Act|Section 27-2.6-18 - Filing by rating bureaus.

§ 27-2.6-18. Filing by rating bureaus.(a) A title insurer may satisfy its obligation to file premium rates, rating manuals and forms as required by this chapter by becoming a member of, or a subscriber to, a rate service organization, organized and licensed under the provisions of this code, where the organization makes the filing, and by authorizing the commissioner in writing to accept the filings on the insurer's behalf.(b) Nothing in this chapter shall be construed as requiring a title insurer to become a member of, or a subscriber to, any rate service organization. Nothing in this chapter shall be construed as prohibiting the filing of deviations from rate service organization filings by any member or subscriber.History of Section.P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.