§ 26-23-308 — Underwriting standards; record retention

Wyoming § 26-23-308

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 23: CASUALTY INSURANCE, SURETY INSURANCE AND TITLE

Text

(a) No title insurance policy as to property in this state
shall be written unless it is based upon adequate evidence of
the current condition of title certified in writing as of the
date of the policy by a person duly authorized under W.S.
33-2-101 to act as a title abstractor in the county where the
property is situated, or based upon the opinion of an attorney
authorized to practice law in this state as to the condition of
the title following a review by the attorney of pertinent title
records or abstracts. Evidence of the examination of title and
determination of insurability shall be preserved and retained in
the files of the title insurer or its title agent for a period
of not less than fifteen (15) years after the title insurance
policy has been issued. Instead of retaining the original
evidence, the title insurer or title agent, in the regular
course of business, may establish a system whereby all or part
of the evidence is recorded, copied or reproduced by any process
that accurately and legibly reproduces or forms a durable medium
for reproducing the contents of the original. This subsection
does not apply to a title insurer:
(i) Assuming liability through a contract of
reinsurance; or
(ii) Acting as coinsurer if one (1) of the other
coinsuring title insurers has complied with this section.
(b) Except as allowed by regulations the commissioner
promulgates, no title insurer or title agent shall knowingly
issue any title insurance policy or commitment to insure without
showing all outstanding, enforceable, recorded liens or other
interests against the property, title to which is to be insured.