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INSURERS: REISSUED LICENSE TO ACT AS AN UNDERWRITTEN TITLE COMPANY

STATE OF CALIFORNIA
Department of Insurance
45 Fremont Street, 24th Floor
San Francisco, CA 94105

Subject:      Instructions for a Reissued License to Act as an Underwritten Title Company

Enclosed is the application package for adding or deleting a county or counties to an underwritten title company license.  A duplicate filing is required.  It will facilitate a simultaneous review of the application and all supporting documentation by the Department's Legal and Financial Analysis Division.

In accordance with California Insurance Code Section 12389.1, the Commissioner shall consider certain qualifications of the applicant underwritten title company before reissuing or amending a license. These qualifications include:

  • The minimum net worth and working capital of the applicant underwritten title company;
  • The reasonableness of the applicant's plan of operation;
  • The lawfulness and quality of the applicant's investments;
  • The financial stability of the applicant;
  • The competency, character, and integrity of the applicant's management;
  • The ownership and control of the applicant's issued and outstanding shares;
  • The fairness and honesty of the applicant's methods of doing business;
  • The method by which the applicant was promoted if any of its promoters remain as stockholders or in management; and,
  • Possible hazard to the public.

The Commissioner shall reissue a license after consideration of these qualifications, provided there have been no findings that the applicant is materially deficient with respect to one or more of these qualifications.  Further, pursuant to California Insurance Code Section 12389.2, the underwritten title company shall continue to comply with these licensing requirements even after the reissuance of its license.

This packet contains the following documents:

When applying for a reissued license, the applicant underwritten title company must provide the Department with the information and documentation requested in the application for reissued license and all supplemental information requested during the course of review. 

The applicant must also enclose the appropriate fees in connection with the application for reissued license. Those applicants seeking to add counties to their license should tender to the Insurance Commissioner application fees in the sum of $395. for each additional county in which the applicant seeks to transact business.  Further, the appropriate fees in connection with the required Securities Transaction Request deposits should also be enclosed.

An original and duplicate copy of the application, including the requested documentation, the fees, and a copy of the check(s) should be submitted to the address below.  If escrow authority is applied for in any additional counties, enclose two originals and one photocopy of the Securities Transaction Request Forms with the original application.  However, only one photocopy of the Securities Transaction Request Form need be included with the duplicate application.

Corporate Affairs Desk Clerk

State of California
Department of Insurance
45 Fremont Street, 24th Floor
San Francisco, CA 94105

You will be notified if the application is accepted for filing; and, if so, you will also be notified of the legal analyst or legal counsel and of the financial analyst assigned to review your application.  If the application is incomplete, it will not be accepted for filing and will be returned to the applicant.

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