Cal. Code Regs. tit. 10 § 2610.03

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 2610.03 - Proving Required Minimum Capital and Surplus or Net Worth

A. The application of an underwritten title company applying for a securities permit, unless applicant possesses the largest amount of capital and surplus or net worth specified by Insurance Code Section 12396(a)(1) appropriate under the circumstances, shall allege and prove to the Commissioner's reasonable satisfaction:

1. The names of all of the counties wherein applicant is transacting any business of examining public records affecting titles to real property, preparing reports of title searches, certificates or abstracts of title, upon the basis of which a title insurer regularly issues policies of title insurance.

2. With respect to each county named pursuant to subparagraph (1) above, the serial number stamped by the County Recorder on the last document recorded by the County Recorder in the official records of the County Recorder's office on the last recording day of the calendar year preceding the filing with the Commissioner of such application (i.e., the total number of documents so recorded in said year). The Commissioner will accept a letter from a County Recorder setting forth such information as satisfactory proof. This provision does not foreclose or prevent other methods of proving such number to the Commissioner's satisfaction.

3. The total of all of the numbers alleged pursuant to subparagraph (2) above.

B. Paragraph A of this Section shall not be deemed to restrict the meaning of the phrase " . . for each county in which it operates" as such phrase is used in Insurance Code Section 12396(b)(3) governing deposit of securities with the Commissioner by an underwritten title company as a prerequisite to engaging in the escrow business.

Cal. Code Regs. Tit. 10, § 2610.03

1. Change without regulatory effect amending subparagraph 2. filed 7-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 29). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.