Insurance and Closing Protection Form Filings

PURPOSE: This regulation prescribes requirements for forms to be used in this state and filing procedures with the director. (1) Title Insurance Commitments, Policies and Other Forms. (A) No title insurer in this state shall issue or agree to issue any standard form of title insurance binder, title insurance commitment, preliminary report, title insurance policy, title insurance form endorsement, other contract of title insurance or any related form unless the forms have been filed with the director as required by section 381.085, RSMo. A form is standard if the form is to be applied in more than one (1) instance. The filing must be received by the director at least thirty (30) days before the use of the form. (B) No policy, standard form endorsement or simultaneous instrument which provides title insurance coverage shall be issued unless it contains the premium collected for the issuance of the policy as calculated from the filed risk rate for the policy. (2) Closing Protection Letters. (A) No title insurer, agency or agent in this state shall issue or agree to issue a closing protection letter unless the form has been filed with the director as required by section 381.085, RSMo. The filing shall be received by the director at least thirty (30) days before the use of the form. (B) The terms of coverage of closing protection letters used to satisfy the requirements of section 381.022.5 or 381.058, RSMo, shall be consistent with the applicable Closing Protection Letter form (Form T-8 or Form T-9), or any form that substantially comports with the specified form, approved by the director in rule 20 CSR 500-7.030. Any such form may be modified by the insurer by striking the two (2) provisions that limit liability to five (5) million dollars. (3) Filing Fees. The filing fee for forms filed under this rule is fifty dollars ($50) per filing as required by section 374.230(5), RSMo. (4) Insured closing letters issued pursuant to sections 381.400 to 381.405, RSMo, are not closing protection letters for purposes of this rule. Insured closing letters shall not be used to satisfy the requirements of section 381.022.5 or 381.058, RSMo. Insured closing letters are not required to be filed with the director under section 381.085, RSMo, unless a fee is charged for the insured closing letter. AUTHORITY: section 374.045, RSMo 2000 and sections 381.042 and 381.085, RSMo Supp. 2007.* Emergency rule filed Jan. 16, 2008, effective Jan. 28, 2008, expired July 14, 2008. Original rule filed Jan. 16, 2008, effective Sept. 30, 2008. *Original authority: 374.045, RSMo 1967, amended 1993, 1995; 381.042, RSMo 2000, amended 2007; and 381.085, RSMo 2000, amended 2007.