Title 56, Insurance

The business of title insurance in this state is placed under the supervision and control of the commissioner, and every corporation engaged in title insurance business in this state shall be subject to the requirements of this chapter, and none other than a corporation, domestic…

Whenever any title insurance company has made the deposit of money or securities, as required by this chapter, or, if a foreign title insurance company, has duly filed the certificate referred to in § 56-35-112 and satisfied the commissioner that it has on deposit with the proper…

(a) Every title insurance company qualifying under this chapter shall annually, on or before March 1 of each year, file an annual statement as provided in § 56-35-108, and pay to the department of commerce and insurance a sum equal to two and one-half percent (2.5%) of all risk r…

The commissioner shall, in December of each year, furnish to each of the insurance companies authorized to do business under this chapter, two (2) blanks in form adopted for their annual statement. The companies shall, annually, on or before March 1, file in the office of the com…

Any foreign title insurance company desiring to transact a title insurance business in this state must first file with the commissioner a written power of attorney appointing and authorizing the commissioner as its agent for the purpose of acknowledging or receiving service of pr…

(a) No person within this state shall act or hold the person out as a title insurance agency unless the person has been issued a certificate of authority by the commissioner. (b) Any application for the certificate shall be in writing and on forms prescribed by the commissioner a…

(a) Every title insurance company shall file with the commissioner its schedules of rates and every modification of any rate that it proposes to use in this state. The schedule of rates and every modification of rates shall be filed by a rating organization meeting the qualificat…

(a) Every corporation now organized, or which may be organized, under the laws of this state, or any foreign corporation now or in the future doing business in this state, insuring title to real estate, or insuring owners, mortgagees, lessees or others against loss by reason of d…

The commissioner shall permit any title insurance company, its agents, attorneys, representatives or assigns, to collect, receive and use the income and any and all remittances of any of the income received by the commissioner, from all securities so deposited, and the commission…

Every domestic insurer shall annually set apart, at the end of each year, into an account to be known as “Title Insurance Reserve,” an amount equal to ten percent (10%) of the risk rates collected, during the year then ending, by the insurer on account of the title insurance busi…

The deposit required to be kept with the commissioner as the title insurance fund, together with any additions to the fund made as authorized in this chapter, and the title insurance reserve to be held by the insurers, and all unearned premium or risk rate reserves, shall be made…

In order to further more equitable establishment and adjustment of rates, including risk rates, or premiums and forms of contracts, policies and guarantees, the commissioner, every insurer and rating organization may exchange information and experience data with each other, and w…

Nothing in this chapter is intended to prohibit or discourage reasonable competition, or to prohibit or discourage uniformity in insurance rates, including risk rates, or premiums, or practices, or contracts, policies or guarantees of title.

(a) It is unlawful for any applicant for a policy of title insurance, or any person, firm or corporation, on behalf of the applicant, or any other person, firm or corporation whomsoever, to request, receive or obtain from a title insurance agent, or a title insurance company, any…

Nothing in this chapter shall be construed to affect in any manner the relationship of attorney and client, or the fees paid for services performed by a licensed attorney at law.

Nothing in this chapter, or in any other law of this state, shall be construed as preventing or prohibiting any attorney at law, real estate company, firm, broker or salesperson, lending institution, or the officers and employees of any institution, from advocating, recommending …

The commissioner is authorized to make reasonable rules and regulations as are or may be necessary for the administration of this chapter, but no rule or regulation shall take effect until it has been duly filed in the commissioner's office and until and after the expiration of t…

In the conduct of any hearing, the commissioner, or the commissioner's deputy or duly authorized examiner, specially designated for the purpose, has the power to administer oaths and to examine any person under oath, and in connection therewith, to require the attendance of any p…

Any title insurance company desiring to retire from business in Tennessee shall furnish the commissioner satisfactory evidence that it no longer has any liability outstanding upon any title insurance policy made by it in the conduct of its business in Tennessee, or that it has re…

Title insurance companies and title insurance business shall be governed, regulated and controlled by this chapter to the exclusion of all other laws applicable to insurance companies or insurance business, to the extent that such other laws are in conflict with this chapter.

(a) The commissioner is charged with the administration of this chapter. (b) Each violation of this chapter is a Class C misdemeanor. (c) In addition to the criminal penalties, the commissioner may assess a civil penalty not to exceed five hundred dollars ($500) for each and ever…

Whenever the laws or regulations of any other state impose upon a title insurance company incorporated by or organized under the laws of this state, or upon any agents of a title insurance company, any taxes, licenses or other fees, in the aggregate, or any fines, penalties, depo…

No policy or contract of title insurance shall be issued until and unless the title insurance company has caused to be conducted a reasonable search and examination of the title; provided, that the commissioner shall exercise no supervision and control over, and title insurance c…

(1) Every title insurance company, agency and agent shall:(1) Keep books of account and records and vouchers pertaining to the business of title insurance in such a manner that the commissioner or the commissioner's authorized representative may readily ascertain whether the comp…

(a) Except as provided by §§ 56-35-201 and 56-35-204, the commissioner shall refuse to issue any new license or certificate to any title insurance company, title insurance agent, or title insurance agency, unless the applicant therefor shall agree to abide by any one (1) of the f…

(a) Unless it files its own rates, every title insurance company shall be a member of or subscribe to a rating organization licensed under this chapter and every filing or any modification of any rate, schedule, form, contract, or other item required by this chapter or by any rul…

(a) In connection with any transaction involving the purchase or sale of a fee simple possessory interest (title evidencing beneficial ownership) in real property in this state, the person conducting or handling the settlement, at or before the closing of settlement and disbursem…

(a) If two (2) title insurance agencies that separately represent the buyer and seller agree to an arrangement to share the title insurance premiums, commissions, or other fees paid by the buyer and seller in a real estate transaction, then the title insurance agencies must:(1) P…

(a) As used in this section:(1) “Mortgage lender” has the same meaning as defined in § 47-32-102;(2) “Mortgage loan broker” has the same meaning as defined in § 47-32-102; and(3) “Mortgage loan servicer” has the same meaning as defined in § 47-32-102. (1) “Mortgage lender” has th…

(a) No person within this state shall act as or hold out to be a title insurance agent unless properly licensed in accordance with chapter 6, part 1 of this title. (b) The examination administered to applicants for a title insurance agent's license shall include questions regardi…

(a) Every title insurance agent licensed shall, within thirty (30) days after the date the license is issued, file with the commissioner a bond in the amount of twenty-five thousand dollars ($25,000), or cash and/or securities in like amount. (b) The bond, or cash and/or securiti…

No portion of the expense of examination, satisfaction of the requirements of this chapter for the filing of a bond or cash and/or securities, or any other qualification for the issuance or continuance of a title insurance agent's license shall be paid for or defrayed by a title …

(a) Every title insurance company qualified under this chapter shall obtain from the commissioner approval of appointments for every agent writing or soliciting insurance for it as provided in this state. Appointments of agents shall expire one minute past midnight (12:01 a.m.), …

Appointments of agents may be revoked, at any time, by an instrument in writing signed by the president or vice president of the appointing company and filed with the commissioner, and shall be effective from the date received and filed by the commissioner.