§ 10-11-116 — Title insurance agents licensed

Colorado § 10-11-116

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Title Insurance

Text

(1) (a) Title insurance agents
shall be licensed in the manner provided for insurance producers in part 4 of article
2 of this title, except as otherwise provided in this section.

(b) Full-time employees of a corporate contractual agent of a title insurance
company authorized by such company or such contractual agent to issue or
countersign binders or policies in behalf of such title insurance company shall be so
licensed.

(c) A license shall be issued to an attorney-at-law licensed to practice in this
state if a title insurance company notifies the commissioner in writing of the name
and address of each such attorney it desires to appoint as its agent and upon
payment of the fees required by sections 10-3-207 and 24-31-104.5, C.R.S.

(2) No individual, partnership, corporation, or other legal entity contractually
authorized by a title insurance company as its agent to issue or countersign binders
or policies on its behalf, other than an attorney otherwise qualified under
subsection (1)(c) of this section, shall be licensed unless, in addition to all other
requirements of this article and of articles 1 to 3 of this title, the agent possesses
actual paid-in cash capital, or, if an individual, has a net worth, of at least ten
thousand dollars.

(3) Title insurance agents possessing a title plant, as described in section 10-11-114, may satisfy the requirements of subsection (2) of this section by submitting
to the commissioner of insurance, in a form acceptable to the commissioner, the
written affidavit of a certified public accountant stating that the agent's actual
investment in the title plant equals or exceeds the applicable amount set forth in
subsection (2) of this section, or, alternatively, that the aggregate of the agent's
paid-in cash capital or net worth, as applicable, and the agent's actual investment
in the title plant equals or exceeds the applicable amount set forth in subsection (2)
of this section.

(4) A licensed contractual agent of a title insurance company shall preserve
and retain its closing and settlement services and escrow files for a period of not
less than seven years after the closing, or completion, of said files. In lieu of
retaining the original files, a licensed contractual agent of a title insurance
company may, in its regular course of business, establish a system whereby the
files are recorded, copied, or reproduced by any photographic, microfilm, or other
process which accurately reproduces or forms a durable medium for reproduction
of the original files. Upon cessation of business by a contractual agent of a title
insurance company the files shall be deposited with the division of insurance or
with a title insurance company or licensed contractual agent of a title insurance
company authorized by the division of insurance.

Legislative History

Source: L. 69: p. 526, � 1. C.R.S. 1963: � 72-26-16. L. 77: (1)(a) amended, p. 502, � 4, effective January 1, 1978. L. 91: (2) to (4) added, p. 1217, � 1, effective July 1. L. 93: (1)(a) amended, p. 1390, � 7, effective January 1, 1995. L. 99: (4) amended, p. 27, � 2, effective August 4. L. 2010: (1)(c) amended, (HB 10-1385), ch. 204, p. 883, � 5, effective May 5. L. 2012: (1)(c) amended, (SB 12-110), ch. 158, p. 561, � 7, effective July 1.