Rhode Island General Laws 27-2.6-5. Authorized activities of title insurers
Subject to the exceptions and restrictions contained in this chapter, a title insurer shall have the power to:
(1) Do only title insurance business;
(2) Reinsure title insurance policies; and
(3) Perform ancillary activities, unless prohibited by the commissioner by regulation, including, examining titles to real property and any interest in real property and procuring and furnishing related information and information about relevant personal property, when not in contemplation of, or in conjunction with, the issuance of a title insurance policy.
History of Section.
P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
Terms Used In Rhode Island General Laws 27-2.6-5
- Commissioner: means the director of the department of business regulation, or his or her designee or the commissioner, director or superintendent of insurance in any other state. See Rhode Island General Laws 27-2.6-3
- insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-United States title insurer licensed in this state to transact the business of title insurance. See Rhode Island General Laws 27-2.6-3
- Personal property: All property that is not real property.
- policy: means a contract insuring or indemnifying owners of, or other persons lawfully interested in, real or personal property or any interest in real property, against loss or damage arising from any or all of the following conditions existing and not excepted or excluded:
(i) Defects in or liens or encumbrances on the insured title;
(ii) Unmarketability of the insured title;
(iii) Invalidity, lack of priority or unenforceability of liens or encumbrances on the stated property;
(iv) Lack of legal right of access to the land; or
(v) Unenforceability of rights in title to the land. See Rhode Island General Laws 27-2.6-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.