A title insurance company domiciled in the Commonwealth or acting in the capacity of a settlement agent pursuant to this chapter shall account for funds held and income derived from escrow, closing, or settlement services in accordance with the applicable instructions of, and the accounting practices and procedures manuals adopted by, the Association when filing the annual statements and reports required under Chapter 13 of Title 38.2.

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Terms Used In Virginia Code 55.1-1013

  • Association: means the National Association of Insurance Commissioners. See Virginia Code 55.1-1000
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

1997, c. 716, § 6.1-2.25; 2004, cc. 336, 597; 2010, c. 794, § 55-525.29; 2019, c. 712.

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