23-63-614. Domestic title insurance and aviation title insurance reserves.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-63-614. Domestic title insurance and aviation title insurance reserves.

23-63-614. Domestic title insurance and aviation title insurance reserves. (a) In addition to an adequate reserve as to outstanding losses, a domestic title insurer shall maintain its own guaranty fund or unearned premium reserve of no less than ten percent (10%) of the total amount of the risk premium written in the calendar year for title insurance contracts, which shall be assigned originally to the reserve. (b)(1) During each of the twenty (20) years after the year in which a title insurance contract was issued, the reserve applicable to the contract may be reduced by five percent (5%) of the original amount of the reserve. (2) This section does not apply to foreign or alien title or aviation title insurers licensed in this state.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-614

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.