Connecticut § 38a-410 Loss and loss expense reserve.

Connecticut Statutes

§ 38a-410 — Loss and loss expense reserve.

Connecticut·Title 38a Insurance·Ch. 700a Title Insurance

(a)All title insurers licensed in this state shall establish and maintain reserves against unpaid losses and loss expenses.

(b)Upon receiving written notice from or on behalf of the insured of a title defect in or lien or adverse claim against the title of the insured that may result in a loss or cause expense to be incurred in the proper disposition of the claim, the title insurer shall determine the amount to be added to the reserve, which amount shall reflect a careful estimate of the loss or loss expense likely to result by reason of the claim.

(c)Reserves required under this section may be revised from time to time and shall be redetermined at least once each year.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) All title insurers licensed in this state shall establish and maintain reserves against unpaid losses and loss expenses. (b) Upon receiving written notice from or on behalf of the insured of a title defect in or lien or adverse claim against the title of the insured that may result in a loss or cause expense to be incurred in the proper disposition of the claim, the title insurer shall determine the amount to be added to the reserve, which amount shall reflect a careful estimate of the loss or loss expense likely to result by reason of the claim. (c) Reserves required under this section may be revised from time to time and shall be redetermined at least once each year.

Connecticut § 38a-410 (Loss and loss expense reserve.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.