3 Colo. Code Regs. § 702-8-1-2-4

Current through Register Vol. 48, No. 1, January 10, 2025

Section 3 CCR 702-8-1-2-4 - Definitions

A. "Application for title insurance" means, for the purposes of this regulation, receipt by a licensed title entity of an order for a title insurance commitment or other title insurance products that contain information about all parties and details concerning a title insurance transaction.

B. "Available for immediate withdrawal as a matter of right" has the same meaning as found at § 38-35-125(1)(a), C.R.S.

C. "Business of title insurance" has the same meaning as found at § 10-11-102(3), C.R.S.

D. "Closing agent" means, for the purposes of this regulation, any and all persons employed or contracted to perform closing and settlement services on behalf of a title entity.

E. "Closing instructions" or "written instructions" mean, for the purposes of this regulation, a document, signed by one (1) or more parties to a title insurance transaction, which purports to direct a title entity in the completion of settlement services.

F. "Commitment" or "title commitment" mean, for the purposes of this regulation, a report furnished in connection with an application for title insurance, which is a statement of the requirements, terms, and conditions upon which the title insurance company is willing to insure an interest in a subject property.

G. "Division" means, for the purposes of this regulation, the Colorado Division of Insurance.

H. "Error rate" means, for the purposes of this regulation, the percentage of applicable files reviewed during a market conduct action that contained one (1) or more exceptions or violations of the applicable statute or regulation.

I. "Financial institution" has the same meaning as found at § 38-35-125, C.R.S.

J. "Generic exceptions" means, for the purposes of this regulation, broad exceptions on a commitment or policy of title insurance that do not refer to a specific document or recording information and are not standard or preprinted exceptions or a specific exception.

K. "Person" has the same meaning as found at § 10-2-103(8), C.R.S.

L. "Rate", for the purposes of this regulation, means expenses as defined in § 10-4-402 (1.5), C.R.S., together with the pure premium rate as defined in § 10-4-402 (2.4), C.R.S. and includes production expenses and commissions in accordance with § 10-4-403, C.R.S.

M. "Settlement producer" has the same meaning as found at § 10-11-102 (6.5), C.R.S., and does not include insurance producers as defined in § 10-2-103(6), C.R.S.

N. "Settlement services" has the same meaning as found at § 10-11-102 (6.7), C.R.S.

O. "Specific exception" means, for the purposes of this regulation, exceptions that are known impairments for the subject property but the impairment does not appear in a reasonable examination of the property records for the property being insured.

P. "Standard or preprinted exceptions" means, for the purposes of this regulation, those exceptions on title commitments and policies dealing with parties in possession, survey matters, mechanic's liens, unpatented mining claims, patented or unpatented mineral reservations, water rights, mineral rights, mineral leases, mineral grants, taxes, and rights or encumbrances.

Q. "Systemic error" means, for the purposes of this regulation, an exception or violation that is not determined using an error rate because it is inherent in the system or process of the title entity.

R. "TBD commitment" means, for the purposes of this regulation, a report, in the form of a commitment, furnished prior to receipt of an application for title insurance, in which the buyer, sales amount, and loan amount, among other possible details, are not yet known.

S. "Title entity" means, for the purposes of this regulation, title insurance agents, title insurance agencies and title insurance companies, unless otherwise stated in the regulation.

T. "Title insurance agency" means, for the purposes of this regulation, a corporation, partnership, association, or foreign or domestic entity as defined in § 7-90-102, C.R.S., or other legal entity that transacts the business of title insurance.

U. "Title insurance agent" has the same meaning as found at § 10-11-102(9), C.R.S.

V. "Title insurance company" has the same meaning as found at § 10-11-102(10), C.R.S.

3 CCR 702-8-1-2-4

38 CR 17, September 10, 2015, effective 10/1/2015

39 CR 14, July 25, 2016, effective 8/15/2016

40 CR 03, February 10, 2017, effective 3/15/2017

41 CR 12, June 25, 2018, effective 7/15/2018

42 CR 14, July 25, 2019, effective 8/15/2019

43 CR 14, July 25, 2020, effective 8/15/2020

45 CR 16, August 25, 2022, effective 9/14/2022