§ 22:526 — Title insurer; audit

§526. Title insurer; audit
A. The title insurer shall, at least once every three years, conduct an audit of the
escrow and settlement practices, escrow accounts, security arrangements, files, underwriting
and claims practices, and policy inventory of the producer. If the title insurance producer
fails to maintain separate escrow or trust accounts for each title insurer it represents, the title
insurer shall verify that the funds related to closings in which the title insurer's policies are
issued are reasonably ascertainable from the books of account and records of the title
insurance producer.
B. The commissioner may promulgate regulations setting forth the standards of audit
and the form of audit required. The commissioner may also require the title insurer to
provide a copy of its audit reports to the department.

Legislative History

Acts 1997, No. 1427, §1; Acts 1999, No. 192, §1, eff. June 9, 1999; Redesignated from R.S. 22:2092.9 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2021, No. 8, §1.