Online Submittals for Underwritten Title Companies
Underwritten Title Company filings may now be accepted electronically. Following are the types of filings supported by California Department of Insurance's Online Assistance System for Insurer Submittals (OASIS). If you have any questions or experience any difficulties when submitting applications online, contact email@example.com.
Organizational Permit - CCR, Title 10, Section 2605.01
A licensed underwritten title company ("UTC") may engage in the business of preparing title searches, title reports, title examinations, certificates or abstracts of title. Only domestic stock corporations may be licensed and the minimum net worth of the corporation will depend upon the county or counties in which the company is licensed to transact business.
The licensing of a UTC is a two part process. The first part requires the filing of an Organizational Permit application. Upon the filing of the permit application and the payment of the appropriate filing fee, the permit will issue if the criteria set forth in California Insurance Code Section 839 are met.
UTC License - CIC Section 12389
After an organizational permit is issued, the Applicant applies for an underwritten title company license as set forth in California Insurance Code Section 12389 and pays the appropriate filing fee. The license shall not be granted until the Applicant meets the requirements set forth in Section 12389.1.
UTC Amendment of License - CIC Section 12389(a)(3)
An underwritten title company may file an application seeking to extend its license to an additional county or counties and shall pay a fee for each additional county it wishes to expand to. The underwritten title company may also file an amendment application when seeking to change its corporate name or when deleting a county or counties the UTC transacts in.
UTC Transfer of Shares - CIC Section 12389.3
When there is a restriction in a stock certificate for an underwritten title company requiring the consent of the department prior to the transfer of stock, the Applicant shall file an application seeking consent pursuant to Section 12389.3. Requests for transfer of stock certificates representing less than 10 percent of the outstanding stock of the company under certain circumstances shall be approved or denied by the department within 60 days of the request. The 60 day time limit does not apply to transfers where the transferee will hold 10 percent or more of the outstanding stock of the UTC.
UTC Merger or Transfer of Substantially All of Business or Property - CIC Section 1011(c)
Whether or not there is a restriction on any stock certificate for an underwritten title company, underwritten title companies must apply for and receive consent of the Department prior to merging or when substantially all of their business or assets are going to be transferred, including transfers by stock purchase. For underwritten title company applicants filing a 1011(c) application for consent to a transfer of all or substantially all of its business, including a transfer of substantially all of its shares, the UTC must also file a completed "Checklist for Requests to Transfer Shares of an Underwritten Title Company," available on the Department's Web site together with the referenced documents.