23 CAR § 204-103. Definitions

As used in this part: (1) “Commissioner” means the Insurance Commissioner of the State of Arkansas; (2) “Department” means the State Insurance Department; (3) “Rule” means the rules promulgated by the State Insurance Department unless the context requires otherwise; (4)(A) “Title insurance agency” means a person that has an agency contract under Arkansas Code § 23-103-407 with a title insurer. (B) “Person” means: (i) An individual; or (ii) Any: (a) Partnership; (b) Association; (c) Cooperative; (d) Corporation; (e) Firm; (f) Trust; (g) Limited liability company; or (h) Other legal entity. (C) Every title insurance agency must be based in Arkansas and have a qualified or active title insurance agent affiliated with the title insurance agency; (5)(A) “Title insurance agent” means an individual affiliated with a title insurance agency who is authorized on behalf of a title insurer to issue a title insurance report or title insurance policy and participates in the solicitation, negotiation, or sale of title insurance, including a licensed Arkansas resident or a licensed nonresident employed by a resident licensee, under the Arkansas Title Insurance Act, Arkansas Code § 23-103-401 et seq. (B) “Authorized” means that the agent holds an appointment with the title insurer. (C) “Insurance producer” includes title insurance agents for purposes of the Producer Licensing Model Act, Arkansas Code § 23-64-501 et seq.; (6) "Title insurance policy" means a contract, including any coverage, enhancements to coverage, or endorsements, insuring or indemnifying owners of, or other persons lawfully interested in, personal or real property against loss or damage arising from any or all of the following conditions existing on, before, or subsequent to the policy date and not specifically excepted or excluded: (A) Defects in or liens or encumbrances on the insured title; (B) Unmarketability of the insured title; (C) Invalidity or unenforceability of liens or encumbrances on the insured title of the personal or real property; (D) Title being vested other than as stated in the policy; (E) Lack of a legal right of access to the land that is part of the insured title in a policy relating to real property; (F) Lack of priority of the lien of any insured mortgage over any statutory lien for services, labor, or materials as specifically described in the policy; (G) Invalidity or unenforceability of any assignment of an insured mortgage subject to certain conditions; or (H) The priority of any lien or encumbrance over the lien of the insured mortgage; and (7) “Title insurer” means a company authorized under the laws of this state to transact title insurance business.