On and after July 1, 1969, no company shall underwrite or issue a policy of title insurance or otherwise engage in the business of title insurance in this state unless authorized by the provisions of this article to transact such a business.
Source: L. 69: p. 521, § 1. C.R.S. 1963: § 72-26-3.
ANNOTATION
This article provides a rather comprehensive set of regulations for title insurance companies and specifically provides that title insurance rates shall be regulated in the manner provided for regulation of casualty and surety insurance. Commander Leasing Co. v. Transamerica Title Ins. Co., 477 F.2d 77 (10th Cir. 1973).
Plaintiff's contention which characterized Colorado's purported regulation of the title insurance business as a "mere sham and a pretense" and not affording "effective" and "meaningful" regulation does not stand up when the Colorado regulatory statutes are examined. Commander Leasing Co. v. Transamerica Title Ins. Co., 477 F.2d 77 (10th Cir. 1973).
Both domestic and foreign title insurance companies subject to regulation. Both domestic and foreign title insurance companies are and have been subject to the general regulatory powers vested in the state insurance commissioner. Commander Leasing Co. v. Transamerica Title Ins. Co., 477 F.2d 77 (10th Cir. 1973).
State's unfair practices act and an illegal restraint of trade act are applicable to the business of title insurance. Commander Leasing Co. v. Transamerica Title Ins. Co., 477 F.2d 77 (10th Cir. 1973).
Effect of regulation on private antitrust action. The business of title insurance is the "business of insurance", and the state of Colorado regulates the title insurance business to the end that under the McCarran act, a federal statute exempting the insurance business from the federal antitrust laws if it is regulated by the state, a private antitrust action would not lie against certain title insurance companies doing business in Colorado. Commander Leasing Co. v. Transamerica Title Ins. Co., 477 F.2d 77 (10th Cir. 1973).