18 Del. Admin. Code § 1601-1.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1601-1.0 - Purpose

1.1 The purpose of this Regulation is to establish a limited license for those who wish to transact (title) insurance. At the present time many lawyers in this State transact title insurance which is in apparent conflict with 18 Del.C. § 1720 (a)(3) which requires that any person must derive, on an annual basis, not less than 50% of his entire income from personal services in order to hold an insurance license in this State. The exception to this is those holding, among other things, a limited agent's license.

1.2 The Commissioner has taken note that many practicing lawyers in this State offer their clients title insurance as an additional service. The revenue from this service does not, of course, constitute 50% of their income. Such service seems to be useful and in the public interest.