Arizona Laws 20-1574. Power to reinsure
A. Any title insurer authorized to engage in the business of title insurance in this state may cede reinsurance of all or any part of its liability under one or more of its title insurance policies to any title insurer authorized to engage in the business of title insurance in this or any other state, provided, however, that no larger amount of reinsurance shall be ceded to any title insurer on a single policy of title insurance, or on any single title insurance risk, than such title insurer would be permitted to retain if authorized to engage in the business of title insurance in this state.
Terms Used In Arizona Laws 20-1574
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
- Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. Any title insurer authorized to do business in this state may also reinsure policies of title insurance issued by other companies on risks whether located in this state or elsewhere.
C. Issuance of contracts of reinsurance by a title insurer not authorized to engage in the business of title insurance in this state, but authorized to engage in the business of title insurance in any of the United States, reinsuring a title insurer authorized to engage in the business of title insurance in this state on real property located in this state, shall not of itself constitute the doing of business in this state by such reinsurer.
D. No agreement by any domestic title insurer for the reinsurance of all or substantially all its business in force shall be effective unless it shall comply with the provisions of section 20-732.