Arizona Laws 20-1591. Forms of policies and other contracts of title insurance; approval or disapproval
A. Every title insurer shall file with the director all forms of title policies and other contracts of title insurance before issuance of any policy or contract. A title insurance rating organization may make filings on behalf of all of its members or subscribers. A title insurer shall not issue any policy or contract until thirty days after the policy or contract has been filed with the director. A policy or contract is approved thirty days after filing unless the director has issued, within the thirty day period, an order affirmatively approving or disapproving the form. On written notice given within the thirty day period to the person making the filing, the director may extend the period for up to fifteen additional days to enable the director to complete the review of the filing.
Terms Used In Arizona Laws 20-1591
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- 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
B. Forms of title policies and other contracts of insurance, as used in this section, shall specifically exclude:
1. Reinsurance contracts or agreements,
2. All specific defects in title that may be ascertained from an examination of the risk and excepted in reports, binders or policies, together with any affirmative assurance of the title insurer with respect to the defects whether given by endorsement or otherwise, and
3. Further exceptions from coverage by reason of limitations on the examination of the risk imposed by an applicant for insurance or through failure of an applicant for insurance to provide the date requisite to a judgment of insurability.