S140 - Title Insurance Revisions/Bailbondsmen Deposits. (SL 2018-38)

Overview: S.L. 2018-38 makes various changes to the law governing regulation of real estate title insurance companies, including:

• Revising the requirements and release formula related to the statutory premium reserve;
• Repealing the specific requirements for how the statutory premium reserve was to be held and utilized; and
• Repealing the specific requirements and limitations for a title insurance company whose statutory premium reserve falls below what is required

The act also reduces the deposit required of professional bondsmen who act as sureties on bail bonds in this State.

The reduction in the deposit required of professional bondsmen became effective June 22, 2018. The remainder of the act becomes effective October 1, 2018.