                                 CODE OF VIRGINIA

TITLE INSURANCE AGENCY OR AGENT DEFINED (§ 38.2-4601.1)

A &#8220;title insurance agency or agent&#8221; means any individual or business
entity licensed in the Commonwealth, pursuant to Chapter 18 (§ 38.2-1800 et
seq.) of this title, as a title insurance agent and appointed by a title
insurance company licensed in the Commonwealth, who shall perform all of the
following services (for which liability arises) relevant to the issuance of
title insurance policies, subject to the underwriting directives and guidelines
of the agent&#8217;s title insurance company. These services shall include (i)
the evaluation of the title search to determine the insurability of the title;
(ii) a determination of whether or not underwriting objections have been
cleared; (iii) the actual issuance of a title commitment or binder and
endorsements; and (iv) the actual issuance of the policy or policies and
endorsements on behalf of the title insurance company. A title insurance agent
holding any funds in escrow shall promptly deposit such funds in a trust account
in a financial institution licensed to do business in this Commonwealth. Such
trust account shall be separate from all other accounts held by the agent.

HISTORY: 1993, c. 147; 1997, c. 426; 2001, c. 706.