Ohio Code 3953.18 – Prohibition against policies covering real property – exceptions
No title insurance company not incorporated or organized under the laws of this state, but authorized to transact business herein, shall make, write, place, or cause to be made, written, or placed any policy or contract of insurance covering real property in this state, except;
Terms Used In Ohio Code 3953.18
- Contract: A legal written agreement that becomes binding when signed.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means the state of Ohio. See Ohio Code 1.59
- Title insurance: means insuring, guaranteeing, or indemnifying owners of real property or others interested in real property against loss or damage suffered by reason of liens or encumbrances upon, defect in, or the unmarketability of the title to the real property, guaranteeing, warranting, or otherwise insuring by a title insurance company the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Ohio Code 3953.01
- Title insurance agent: means a person, partnership, or corporation authorized in writing by a title insurance company to solicit insurance and collect premiums and to issue or countersign policies on its behalf. See Ohio Code 3953.01
- Title insurance company: means any of the following:
(1) Any domestic title guaranty company and domestic title guarantee and trust company to the extent that they are engaged in the business of title insurance;
(2) Any domestic company organized under this chapter for the purpose of insuring titles to real property;
(3) Any title insurance company organized under the laws of another state or foreign government;
(4) Any domestic or foreign company that has the powers and is authorized to insure titles to real estate within this state on December 12, 1967, and that meets the requirements of this chapter. See Ohio Code 3953.01
(A) Through a title insurance agent as defined in Chapter 3905 of the Revised Code;
(B) Through a subsidiary title insurance company;
(C) Through a bona fide branch office located in this state and under the direction and control of such title insurance company, all expenses of which branch office, including compensation of all employees are paid by such title insurance company;
(D) This section is not applicable to contracts of reinsurance, or to policies of excess coinsurance.