11 CRR-NY 35.1NY-CRR
11 CRR-NY 35.1
11 CRR-NY 35.1
35.1 Definitions.
For purposes of this Part:
(a) Affiliated business means title insurance business that a title insurance agent or title insurance corporation generates from an affiliated person.
(b) Affiliated person means an applicant for insurance or a person who acts as an agent, representative, attorney, or employee of the owner, lessee, or mortgagee, or of the prospective owner, lessee, or mortgagee of real property or any interest therein, or the applicant’s or other person’s spouse, when the person or spouse directly or indirectly:
(1) owns or controls a title insurance agent;
(2) owns at least five percent of a title insurance corporation’s securities or otherwise controls the title insurance corporation; or
(3) is under common control with or is controlled by a title insurance agent or title insurance corporation.
(c) Applicant for insurance or applicant means:
(1) a person for whom the purchase or refinancing of the property that is the subject of the title insurance policy is financed, to whom a mortgage loan is made, or who owns or is purchasing the property or any interest therein;
(2) any other insured or prospective insured; or
(3) a person who is an attorney-in-fact for a person specified in paragraphs (1) or (2) of this subdivision.
(d) Controls, including the terms controlling, controlled by and, under common control with shall have the meaning set forth in Insurance Law section 107(a)(16).
(e) Core title services means:
(1) evaluating the insurability of title, based upon the performance or review of a title search;
(2) collecting, remitting or disbursing title insurance premiums, escrows or other related funds;
(3) preparing, amending, marking up and delivering a title insurance commitment or certificate of title for the purpose of the issuance of a title insurance policy by a title insurance corporation;
(4) preparing, amending or delivering a title insurance policy on behalf of a title insurance corporation; and
(5) clearing or negotiating the clearance of title exceptions, in connection with the issuance of a title insurance policy.
(f) Person means an individual or other entity, including an estate or trust.
(g) RESPA means the Federal Real Estate Settlement Procedures Act of 1974, 12 U.S.C. section 2601 et seq., as amended, and regulation X, 12 C.F.R. part 1024 et seq., as amended.
(h) Title insurance closer means any person who, for compensation or anything of value, represents a title insurance corporation or title insurance agent at a closing.
(i) Title insurance agent shall have the meaning set forth in Insurance Law section 2101(y).
11 CRR-NY 35.1
Current through July 31, 2021
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