§ 26-23-306 — Limitations on powers

(a) An insurer that transacts any class or kind of
insurance other than title insurance is not eligible for a
license to transact the business of title insurance in this
state, nor for the renewal thereof, nor shall title insurance be
transacted, underwritten or issued by any insurer transacting or
licensed to transact any other kind of insurance.
(b) An insurer shall not engage in the business of
guaranteeing payment of the principal or the interest of bonds
or mortgages.
(c) An insurer shall not engage in the business of
guaranteeing the obligations of other persons other than issuing
insured closing letters covering its agents in the normal course
of business.