§ 10-11-105 — Financial requirements prior to this article

(1) Every domestic
title insurance company which on July 1, 1969, has the capital required by law and
whose reserve fund required by law has been approved by the state bank
commissioner shall have until July 1 in the tenth year after July 1, 1969, to comply
with the financial requirements of this article, but the capital and reserve fund of
each such title insurance company shall at no time be less than that required by law
immediately prior to July 1, 1969.

(2) The reserve fund required by law immediately prior to July 1, 1969, for
each domestic title insurance company engaged in the business of title insurance
shall be supervised by the commissioner on and after July 1, 1969. As soon as
practicable, the state bank commissioner shall furnish to the commissioner a list of
all such title insurance companies and an inventory of securities and deposits
approved by said bank commissioner for the reserve fund of each such company,
and shall deliver to the commissioner all such securities and deposits then on
deposit with the state bank commissioner and all safe deposit box keys, deposit
receipts, certificates of deposit, and other evidences or means of control thereof to
the commissioner. Every bank, savings and loan association, or other escrow or
depository agent is authorized to accept the substitution of the commissioner for
the state bank commissioner on any certificate of deposit or deposit receipt or any
authority to enter a safe deposit box with reference to any reserve fund of a title
insurance company. Every such bank, savings and loan association, or other escrow
or depository agent and the state bank commissioner shall be held harmless from
any liability as a result of such substitution and shall take such action as may be
necessary or advisable to effect such substitution.

Legislative History

Source: L. 69: p. 521, � 1. C.R.S. 1963: � 72-26-5.