South Dakota Codified Laws 58-25-26. Title insurer to maintain known claim reserve–Amount
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A title insurer shall establish and maintain a known claim reserve in an amount estimated to be sufficient to cover all unpaid losses, claims, and allocated loss adjustment expenses arising under title insurance policies, guaranteed certificates of title, guaranteed searches, and guaranteed abstracts of title and all unpaid losses, claims, and allocated loss adjustment expenses for which the title insurer may be liable and for which the title insurer has received notice by or on behalf of the insured, holder of a guarantee or escrow, or security depositor.
Terms Used In South Dakota Codified Laws 58-25-26
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
Source: SL 2002, ch 239, § 5.