Ohio Revised Code Chapter 3953 - Title Insurance

• Section 3953.01 - Title Insurance Definitions.
  As used in this chapter: (A) "Title insurance" means insuring, guaranteeing, or indemnifying owners of real property or others interested in real property against...
• Section 3953.02 - Application Of Chapter.
  Chapter 3953: of the Revised Code applies to all title insurance companies, title insurance rating organizations, title insurance agents, applicants for title insurance, policyholders,...
• Section 3953.03 - Only Title Insurance Company To Engage In Title Insurance Business.
  On and after December 12, 1967, only a title insurance company as defined in division (C) of section 3953.01 of the Revised Code shall...
• Section 3953.04 - Title Insurance Company To Be Organized As Stock Corporation.
  A title insurance company shall be organized as a stock corporation as provided in Chapters 1701. and 3929. of the Revised Code, except as...
• Section 3953.05 - Minimum Capital And Surplus.
  Every title insurance company incorporated or admitted in this state after December 12, 1967, shall have a minimum capital and surplus as required by...
• Section 3953.06 - Depositing Securities.
  Every title insurance company, prior to the issuance of any policy of title insurance in this state, shall deposit with the superintendent of insurance,...
• Section 3953.07 - Sound Underwriting Practices.
  No policy or contract of title insurance shall be written unless it is based upon a reasonable examination of the title unless a determination...
• Section 3953.08 - Permitted Services.
  Every title insurance company may do the kinds of business defined in divisions (A) and (B) of section 3953.01 of the Revised Code, and...
• Section 3953.09 - Prohibited Services.
  A title insurance company shall not engage in the business of guaranteeing the payment of the principal or the interest of notes, bonds, or...
• Section 3953.10 - Title Insurance Company To Engage In Title Insurance Only.
  Title insurance, except for reinsurance as provided in section 3953.13 of the Revised Code, shall be transacted, underwritten, or issued only by a company...
• Section 3953.11 - Unearned Premium Reserve.
  (A) The unearned premium reserve of every title company shall consist of: (1) The amount of the unearned premium reserve held as of December...
• Section 3953.12 - Other Reserves.
  (A) Each title insurance company shall at all times establish and maintain, in addition to other reserves, a reserve: (1) Against unpaid losses; (2)...
• Section 3953.13 - Reinsurance.
  Any title insurance company authorized to engage in the business of title insurance in this state may cede reinsurance of all or any part...
• Section 3953.14 - Investments.
  (A) Except as provided in Chapter 3953. of the Revised Code the investments of a title insurance company shall be governed by sections 3925.05...
• Section 3953.15 - Investment Of Unearned Premium Reserve.
  (A) Except as provided in division (B) of this section, the unearned premium reserve of a title insurance company shall be invested in accordance...
• Section 3953.16 - Investment Of Trust Funds Or Assets Held In Fiduciary Capacity.
  For those title insurance companies which also have powers to do a trust business, trust funds or assets held in a fiduciary capacity shall...
• Section 3953.17 - Foreign Title Insurance Company - License.
  Any title insurance company organized under the laws of another state or foreign government shall be licensed to transact a title insurance business within...
• Section 3953.18 - Prohibition Against Policies Covering Real Property - Exceptions.
  No title insurance company not incorporated or organized under the laws of this state, but authorized to transact business herein, shall make, write, place,...
• Section 3953.19 - Merger And Consolidation.
  (A) A title insurance company organized and incorporated under the laws of this state may merge, be merged by, or consolidated with, one or...
• Section 3953.20 - Prior Approval Required For Acquisition Of Other Title Insurance Company.
  (A) A title insurance company organized and incorporated under the laws of this state may issue stock in exchange for all or any part...
• Section 3953.21 - Certification Of Title Insurance Agents.
  (A) Every title insurance company authorized to transact business within this state shall certify annually to the superintendent of insurance the names of all...
• Section 3953.22 - Licensing Title Insurance Agents.
  (A) Title insurance agents shall be licensed in the manner provided for agents of insurance companies in Chapter 3905. of the Revised Code. (B)...
• Section 3953.23 - Maintaining Books Of Account And Record And Vouchers.
  (A) Every title insurance agent shall keep books of account and record and vouchers pertaining to the business of title insurance in such manner...
• Section 3953.231 - Establishing And Maintaining Interest-bearing Trust Account For Deposit Of Non-directed Escrow Funds.
  (A) (1) Each title insurance agent or title insurance company shall establish and maintain an interest-bearing trust account for the deposit of all non-directed...
• Section 3953.24 - Firm Name Of Agent.
  After December 12, 1967, no agent for a title insurance company shall adopt a firm name containing the words, "title insurance," "title guaranty," or...
• Section 3953.25 - Commission Payments.
  A title insurance company may pay a commission only to a title insurance agent as defined in division (H) of section 3953.01 of the...
• Section 3953.26 - Payments For Inducement Of Business.
  No title insurance company and no title insurance agent shall pay or give [to] any applicant for insurance, or to any person, firm, or...
• Section 3953.27 - Division Of Fees And Charges.
  Nothing in this chapter prohibits the division of fees and charges between or among two or more title insurance companies or between or among...
• Section 3953.28 - Prior Approval Required For Forms And Contracts.
  Every title insurance company shall file with the superintendent of insurance, all forms of title policies and other contracts of title insurance before the...
• Section 3953.29 - Prohibiting Restrictive Covenants Constituting Unlawful Discriminatory Practice.
  On and after the effective date of this section, in connection with any transfer of registered land that occurs on or after that date...
• Section 3953.30 - Notice Comparing Lender's And Owner's Title Insurance.
  (A) As used in this section: (1) "Residential mortgage loan" means an obligation to pay a sum of money evidenced by a note and...
• Section 3953.32 - Offer Of Closing Or Settlement Protection To Parties.
  (A) At the time an order is placed with a title insurance company for issuance of a title insurance policy, the title insurance company...
• Section 3953.33 - Annual Independent Review Of Agency Accounts.
  (A) Every title insurance agent or agency that handles escrow, settlement, closing, or security deposit accounts shall have an independent review made of its...
• Section 3953.35 - Prohibited Conduct Regarding Loans Of Seventy-five Thousand Dollars Or Less.
  (A) No title insurance agent shall do any of the following in connection with a mortgage loan of seventy-five thousand dollars or less: (1)...

Last modified: October 10, 2016