(a) Every title insurance company which upon the effective date of this amendment shall lawfully possess and which has within one year prior to such date lawfully exercised in this Commonwealth the power to insure owners of real property, mortgagees, and others¹ interested in real property, and others from loss by reason of defective titles, liens and encumbrances, shall, subject to the conditions herein prescribed, continue to possess such power.

(b) Every title insurance company which does not hereafter exercise for any period of twelve months the power to insure owners of real property, mortgagees and others interested in real property, from loss by reason of defective titles, liens and encumbrances shall be forever barred from the exercise of such power.