Arizona Laws 20-1561. Law governing title insurers
A. This article applies to all title insurers, title insurance rating organizations, title insurance agents, applicants for title insurance and policyholders and to all persons and business entities engaged in the business of title insurance.
Terms Used In Arizona Laws 20-1561
- Business of title insurance: shall be deemed to be:
(a) The making as insurer, guarantor or surety, or proposing to make as insurer, guarantor or surety, of any contract or policy of title insurance. See Arizona Laws 20-1562
- Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
B. To the extent not modified by this article, title insurers are subject to and governed by the other applicable sections of this title.
C. Any new insurance law enacted after January 1, 1968 does not apply to title insurers, title insurance rating organizations, title insurance agents, applicants for title insurance, title insurance policyholders or title insurance, except by express reference therein.
D. Section 20-223 applies to title insurers.
E. Title insurance agents shall be licensed pursuant to this article. Chapter 2, article 3 of this title does not apply to licensure of title agents except by specific reference in that article, except that to the extent not inconsistent with this article, section 20-285, section 20-286, subsections C and D and sections 20-287, 20-289, 20-289.01, 20-290, 20-291, 20-292, 20-295, 20-296, 20-297, 20-298, 20-299, 20-300 and 20-301 apply to title insurance agents.