§ 27-7-3-9 — Title insurance reserve fund

Every company described in section 3 of this
chapter shall annually set apart, accumulate, and maintain, in a fund to
be known as the title insurance reserve fund, securities of the kind and
character designated by IC 27-1-13-3(b) of the face amount equal to ten
percent (10%) of the actual premiums collected during the preceding
year by the company on account of such title insurance, until the fund
totals fifty thousand dollars ($50,000). The fund shall be maintained in
the treasury of the company as additional security to the holders of
policies issued by the company. However, at its option, the company
may deposit the title insurance reserve fund with the department in the
amount of ten thousand dollars ($10,000), or any multiple thereof up
to fifty thousand dollars ($50,000). This deposit shall be known as the
title insurance reserve fund deposit.
Formerly: Acts 1937, c.104, s.9. As amended by P.L.252-1985,
SEC.255; P.L.159-1986, SEC.6; P.L.161-1986, SEC.3; P.L.184-1996,
SEC.4.