Texas Insurance Code Title 11, Chapter 2551 - Title Insurers
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 2551.001 - Applicability Of Title And Other Law
(a) Except as provided by Subsection (c) and unless the business of title insurance or title insurance companies are expressly mentioned, the provisions of this...
- Texas Section 2551.002 - Applicability Of Law Governing Corporations
A title insurance company is subject to the Texas Business Corporation Act, the Texas Miscellaneous Corporation Laws Act (Article 1302-1.01 et seq., Vernon's Texas Civil...
SUBCHAPTER B FORMATION
- Texas Section 2551.003 - Rulemaking; Authority Of Department And Commissioner
(a) The commissioner may adopt and enforce rules: (1) that prescribe underwriting standards and practices on which a title insurance contract must be issued; (2)...
- Texas Section 2551.051 - Formation; General Purposes And Powers
(a) A private corporation may be created and licensed under this title for the following purposes: (1) to compile and own or lease, or to...
- Texas Section 2551.052 - Name
(a) The name of a corporation chartered or operating under this title may contain the words "Title and Trust Company." (b) The name of a...
- Texas Section 2551.053 - Stock And Surplus Requirements
(a) Except as provided by Section 2552.053(b), a title insurance company must have a paid-up capital of at least $1 million and a surplus of...
- Texas Section 2551.054 - Purchase Of Own Stock
(a) Subject to Section 2551.053(a) and the Texas Business Corporation Act, a title insurance company may purchase its own shares of stock. A purchase of...
- Texas Section 2551.055 - Charter Of Corporation Engaging In Business Of Title Insurance
(a) The incorporators of a corporation engaging in the business of title insurance and incorporated under this title, Subdivision 57, Article 1302, Revised Statutes, Chapter...
SUBCHAPTER C AUTHORITY TO ENGAGE IN BUSINESS
- Texas Section 2551.056 - Regulation Of Certain Corporations
(a) A corporation incorporated under Subdivision 57, Article 1302, Revised Statutes, before February 27, 1929, and engaging in business in this state on February 27,...
- Texas Section 2551.101 - Certificate Of Authority Required
A title insurance company may not engage in the business of title insurance in this state unless the company holds a certificate of authority issued...
SUBCHAPTER D GENERAL POWERS AND DUTIES
- Texas Section 2551.102 - Issuance Of Certificate Of Authority
(a) Subject to Subsection (c), the department shall issue a certificate of authority to engage in the business of title insurance if, following any examination...
- Texas Section 2551.151 - Admissible Investments
(a) A title insurance company shall hold all investments in cash or in the following: (1) an abstract plant or plants, provided that: (A) the...
- Texas Section 2551.152 - Annual Statement
(a) Not later than March 1 of each year, each title insurance company shall file with the commissioner a verified statement. (b) The statement must...
- Texas Section 2551.153 - Fees
The general laws applicable to payment of a filing fee by a corporation having capital stock apply to a corporation subject to this title. Added...
SUBCHAPTER E REQUIRED DEPOSIT
- Texas Section 2551.154 - Transfer Of Certain Business To State Banks Or Trust Companies
(a) This section applies to a corporation chartered under Section 2551.051, or its antecedents, Article 9.01, Texas Insurance Code, or Chapter 40, Acts of the...
- Texas Section 2551.201 - Deposit Required; Amount
(a) Except as provided by Section 2551.202, a title insurance company shall deposit and maintain in the state treasury, or other depository in this state...
- Texas Section 2551.202 - Exception: Foreign Title Insurance Company
(a) A foreign title insurance company is not required to make a deposit under Section 2551.201 if the company has on deposit with insurance regulatory...
- Texas Section 2551.203 - Withdrawal And Substitution Of Deposit
A title insurance company may withdraw the deposit of securities made under Section 2551.201, or any portion of the deposit, after substituting other securities of...
SUBCHAPTER F RESERVES
- Texas Section 2551.204 - Use Of Deposit
(a) Except as otherwise provided by Subsection (e), a deposit made under this subchapter may be used only to pay an obligation connected with title...
- Texas Section 2551.251 - Statutory Premium Reserve Required
(a) Each domestic title insurer shall establish and maintain a statutory premium reserve. The reserve is cumulative. The reserve must consist of the amounts required...
- Texas Section 2551.252 - Amounts Added To Reserve For Calendar Year 1997; Reductions
(a) The total charges of a domestic title insurer for title insurance policies written or assumed on or after January 1, 1997, and before January...
- Texas Section 2551.253 - Amounts Added To Reserve For Calendar Years After 1997; Reductions
(a) Out of total charges for title insurance policies written or assumed on or after January 1, 1998, and before January 1, 2005, a domestic...
- Texas Section 2551.254 - Transitional Release; Transitional Charge
(a) In addition to the requirements described by Sections 2551.252 and 2551.253, each domestic title insurer shall compute a total statutory premium reserve balance for...
- Texas Section 2551.255 - Runoff Balance
(a) At the end of each calendar year beginning in 1997, each domestic title insurer shall compute a total statutory premium reserve balance for all...
- Texas Section 2551.256 - Actuarial Certification
(a) Each domestic or foreign title insurer shall file annually with the insurer's annual statement required under Section 2551.152 an actuarial certification made by a...
- Texas Section 2551.257 - Supplemental Reserve
Each domestic or foreign title insurer shall establish a supplemental reserve in an amount equal to the amount by which the actuarially certified reserves exceed...
- Texas Section 2551.258 - Reevaluation Of Certain Reserve Requirements
(a) The commissioner may: (1) reevaluate the adequacy of the statutory premium reserves required under Section 2551.253; and (2) based on an actuarial review, change...
- Texas Section 2551.259 - Statutory Premium Reserve And Supplemental Reserve Fund
The statutory premium reserve and supplemental reserve fund shall be: (1) held in cash; or (2) invested in first mortgage notes or other securities admissible...
- Texas Section 2551.260 - Effect Of Insolvency Or Dissolution
On the insolvency or dissolution of a title insurer, the statutory premium reserve and supplemental reserve fund shall be used to protect title insurance policyholders,...
SUBCHAPTER G LIABILITY AND REINSURANCE
- Texas Section 2551.261 - Reserve For Unpaid Losses And Loss Expenses
(a) A title insurance company shall establish and maintain, in addition to any other reserves, a reserve against: (1) unpaid losses; and (2) loss expense...
- Texas Section 2551.301 - Maximum Policy Liability
(a) Except as provided by Subsection (b), a title insurance company may issue a title insurance policy on any real property located in this state...
- Texas Section 2551.302 - Requirements For Reinsuring Policies
A title insurance company may reinsure any of its policies and contracts issued on real property located in this state or on policies and contracts...
- Texas Section 2551.304 - Acceptance Of Reinsurance
A title insurance company may accept a reinsurance risk on real property located in this state or on interests described by Section 2751.002(2) only from...
- Texas Section 2551.305 - Reinsurance From Non-admitted Title Insurer
Notwithstanding any other provision of this subchapter, a title insurance company may acquire reinsurance on an individual policy or facultative basis from a title insurance...
SUBCHAPTER H ENFORCEMENT AND INTERVENTION
- Texas Section 2551.3055 - Reinsurance From Insurer Other Than Title Insurer
Notwithstanding any other provision of this subchapter, a title insurance company may obtain reinsurance by a reinsurance treaty or other reinsurance agreement from an assuming...
- Texas Section 2551.351 - Forfeiture Of Right To Engage In Business
(a) A foreign or domestic corporation forfeits any right to engage in business in this state if the corporation: (1) issues any form of title...
- Texas Section 2551.352 - Revocation Of Permit And Forfeiture Of Charter
(a) A domestic corporation engaged in the business of title insurance that violates this title is subject to: (1) revocation by the commissioner of the...
- Texas Section 2551.353 - Procedure For Revocation Of Certificate
(a) If the commissioner determines that a domestic or foreign corporation that holds a certificate of authority to engage in business in this state has...
- Texas Section 2551.354 - Appeal Of Commissioner Action
(a) A company qualified or seeking to qualify under this title and aggrieved by an action of the commissioner, including any action against the company,...
Last modified: September 28, 2016