Delaware § 1109 Title insurance reserves

Delaware Statutes

§ 1109 — Title insurance reserves

Delaware·Title 18·Part Insurance·Ch. 11 ASSETS AND LIABILITIES·Subch. Liabilities and Reserves

In addition to an adequate reserve as to outstanding losses as required under § 1103 of this title, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:

(1)Ten percent of the total amount of the risk portion of premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve;

(2)During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5% of the original amount of such reserve.

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

In addition to an adequate reserve as to outstanding losses as required under § 1103 of this title, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:

(1) Ten percent of the total amount of the risk portion of premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve;

(2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5% of the original amount of such reserve.

Delaware § 1109 (Title insurance reserves) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.