Oklahoma § 36-5001 - Certificates of authority — Persons not deemed title

§ 36-5001. Certificates of authority — Persons not deemed title

insurers — Issuance of policies.

A. Any foreign or domestic stock insurer authorized by its

corporate charter to engage in business as a title insurer shall be

entitled to the issuance of a certificate of authority as a title

insurer in this state upon meeting the applicable requirements of

Article 6, Authorization of Insurers and General Requirements, of

Oklahoma Statutes - Title 36. Insurance

the Oklahoma Insurance Code, except that existing title insurers may

have their certificate of authority renewed by maintaining surplus

in regard to policyholders of not less than Five Hundred Thousand

Dollars ($500,000.00).

B. A person engaged in the business of preparing or issuing

abstracts of, but not guaranteeing or insuring, title to property,

or a person acting only as a title insurance producer appointed by a

title insurer, shall not be deemed to be a title insurer.

C. Every commitment and policy of title insurance issued by any

insurance company authorized to do business in this state shall be

countersigned by some person, partnership, corporation or agency

actively engaged in the real estate title business and maintaining

an office in the state, who is a duly appointed a title insurance

producer for a title insurance company holding a valid license and

authorized to do business in the state; provided, that no commitment

or policy of title insurance shall be issued in the State of

Oklahoma except:

1. After examination by an attorney licensed to practice in

this state of a duly certified abstract extension or supplemental

abstract prepared by an abstractor licensed in the county where the

property is located, from a certified abstract plant in the county

where the property is located or per a temporary certificate of

authority as provided in Section 33 of Title 1 of the Oklahoma

Statutes, from the effective date of a prior owner's policy of title

insurance issued by a title insurer licensed in this state provided

by the insured, the prior title insurance producer or the prior

title insurer, at the time a valid order is placed pursuant to the

provisions of the Oklahoma Abstractors Law brought forward to the

effective date of the abstract plant. Subject to the conditions and

stipulations, the exclusions from coverage, exceptions from coverage

and endorsements to the policy, any policy issued based on a prior

owner's policy and a supplemental abstract shall insure the insured

against loss or damage sustained or incurred by reason of

unmarketability of title from sovereignty to the effective date of

the policy, not to exceed the amount of insurance stated in the

policy; or

2. If a prior owner's policy of title insurance is not

provided, then a title insurance commitment and policy may be issued

after examination by an attorney licensed to practice in this state

of a duly certified abstract of title prepared by a bonded and

licensed abstractor as defined in the Oklahoma Abstractors Law.

D. If the current owner or insured, or the owner's or insured's

authorized agent requests, in writing, a copy of any previously

issued owner's policy, the title insurance producer or the title

insurer that issued the policy shall provide the requesting party

with a copy of the schedules in the previously issued policy, at no

Oklahoma Statutes - Title 36. Insurance

charge, within three (3) business days, unless there exists an

unavoidable delay.

E. As used in this section, the term "representative" shall

mean a person authorized to act on behalf of or in place of another

in the current transaction.

F. Every title insurance producer, title insurer or person who

conducts a real estate closing that presents, for filing in the

office of the county clerk, an instrument of conveyance or vesting

title in connection with a transaction in which an owner's policy of

title insurance is to be issued by a title insurance producer or

title insurer that is based upon such instrument shall place a

legend within the instrument that sets forth the following

information:

Deed presented for filing by: [Name of title insurance

producer, title insurer or person conducting closing]

File Number: [File Number of title insurance producer, title

insurer or person conducting closing]

[Name of Title Insurer designated in the Commitment for Title

Insurance]

G. The Insurance Department shall maintain, for each title

insurance producer or title insurer holding a valid license and

authorized to do business in the state, contact information for the

office or person responsible for making available copies of owner's

policies pursuant to this statute and shall make such contact

information generally available to the public on its website and by

telephone request.

H. The Insurance Commissioner may promulgate rules and

regulations to carry out the provisions of this section.

Added by Laws 1957, p. 407, § 5001, operative July 1, 1957. Amended

by Laws 1959, p. 138, § 1, emerg. eff. June 30, 1959; Laws 1980, c.

185, § 7, eff. Oct. 1, 1980; Laws 2006, c. 269, § 1, eff. July 1,

2007; Laws 2013, c. 64, § 1, eff. Nov. 1, 2013; Laws 2017, c. 148, §

2, eff. Nov. 1, 2017; Laws 2018, c. 285, § 1, eff. Nov. 1, 2018;

Laws 2024, c. 10, § 1, eff. Nov. 1, 2024.