Arkansas Code Title 23, Subtitle 3, Chapter 103, Subchapter 4 - Arkansas Title Insurance Act

• § 23-103-401 - Title.
  This subchapter shall be known and may be cited as the "Arkansas Title Insurance Act".
• § 23-103-402 - Definitions.
  As used in this subchapter: (1) "Closing" means the collection and disbursement of funds and title insurance premiums out of escrow in connection with...
• § 23-103-403 - Requirement for License.
  (a) (1) Except as provided in subdivision (a)(2) of this section and § 23-103-404, only an appointed title insurance agency licensed under § 23-64-101...
• § 23-103-404 - Authorized Activities of Title Insurers.
  (a) Subject to the exceptions and restrictions contained in this subchapter, a title insurer may: (1) Transact only title insurance business; (2) Reinsure title...
• § 23-103-405 - Title Insurers -- Limitation of Authority -- Powers.
  (a) (1) An insurer that transacts any class, type, or kind of insurance other than title insurance is not eligible for the issuance or...
• § 23-103-406 - Title Insurance Agents -- Examination of Records.
  The Insurance Commissioner or title insurer during normal business hours may examine, audit, and inspect any and all books, records, files, and escrow and...
• § 23-103-407 - Agency Contracts.
  (a) (1) A person acting in the capacity of a title insurance agency shall not place business with a title insurer, and a title...
• § 23-103-408 - Minimum Search Requirements.
  (a) A title insurance report or title insurance policy shall not be issued unless the title insurance agency or title insurance agent has caused...
• § 23-103-409 - Title Insurance Agent -- Restrictions.
  A title insurance agent shall not: (1) Bind reinsurance on behalf of the title insurer; (2) Permit any of its directors, officers, controlling shareholders,...
• § 23-103-410 - Title Insurance Inventory Maintenance.
  (a) The title insurer and the title insurance agency shall each maintain an inventory of all numbered policy forms or policy numbers assigned to...
• § 23-103-411 - Title Insurer -- Audit.
  (a) (1) At least one (1) time each year, a title insurer shall conduct an on-site audit of the escrow and closing practices related...
• § 23-103-412 - Title Insurer -- Restrictions.
  A title insurer shall not: (1) Appoint any director, officer, controlling shareholder, or employee of a title insurance agency to serve on the title...
• § 23-103-413 - Policyholder Rights and Disclosure.
  (a) (1) When a title insurance report includes an offer to issue an owner's title insurance policy covering the resale of owner-occupied residential property,...
• § 23-103-414 - Record Retention Requirements.
  (a) The title insurer and the title insurance agency shall maintain sufficient records of their affairs, including evidence of underwriting title, determination of insurability,...
• § 23-103-415 - Rules Promulgated by Insurance Commissioner.
  The Insurance Commissioner shall issue rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., to implement this subchapter.
• § 23-103-416 - Penalties -- Liabilities.
  (a) If the Insurance Commissioner determines that a title insurer, title insurance agency, title insurance agent, or any other person has violated this subchapter...
• § 23-103-417 - Access to Public Records.
  (a) A title insurance agent, a title insurance agency, and a person affiliated with a title insurance agency shall: (1) Have free access to...

Last modified: November 15, 2016