Ohio Revised Code
Chapter 3953 | Title Insurance
Section 3953.331 | Joint Venture Title Insurance Agencies Annual Review.

Effective: July 21, 2022
Latest Legislation: Senate Bill 256 - 134th General Assembly
(A) For a title insurance agency that is a joint venture, the annual review required under section 3953.33 of the Revised Code shall demonstrate that all members of the joint venture received revenue during the year in question from the title agency commensurate to their ownership interest in the title agency. The superintendent of insurance shall promulgate rules under Chapter 119. of the Revised Code setting forth the standards of the review required under this section and the form in which this information is to be provided.
(B) Title insurance agencies that are joint ventures shall maintain sufficient records of their affairs, including their escrow operations, escrow trust accounts, and operating accounts so that the superintendent may adequately ensure that the title insurance agency that is a joint venture and all members of the joint venture are in compliance with the requirements of this section. Records kept pursuant to this section shall be kept for a period of not less than ten years following the transactions to which the records relate. The superintendent may prescribe the specific records and documents to be kept.
Last updated June 8, 2022 at 1:18 PM

Structure Ohio Revised Code

Ohio Revised Code

Title 39 | Insurance

Chapter 3953 | Title Insurance

Section 3953.01 | Title Insurance Definitions.

Section 3953.02 | Application of Chapter.

Section 3953.03 | Only Title Insurance Company to Engage in Title Insurance Business.

Section 3953.04 | Title Insurance Company to Be Organized as Stock Corporation.

Section 3953.05 | Minimum Capital and Surplus.

Section 3953.06 | Depositing Securities.

Section 3953.07 | Sound Underwriting Practices.

Section 3953.08 | Permitted Services.

Section 3953.09 | Prohibited Services.

Section 3953.10 | Title Insurance Company to Engage in Title Insurance Only.

Section 3953.11 | Unearned Premium Reserve.

Section 3953.12 | Other Reserves.

Section 3953.13 | Reinsurance.

Section 3953.14 | Investments.

Section 3953.15 | Investment of Unearned Premium Reserve.

Section 3953.16 | Investment of Trust Funds or Assets Held in Fiduciary Capacity.

Section 3953.17 | Foreign Title Insurance Company - License.

Section 3953.18 | Prohibition Against Policies Covering Real Property - Exceptions.

Section 3953.19 | Merger and Consolidation.

Section 3953.20 | Prior Approval Required for Acquisition of Other Title Insurance Company.

Section 3953.21 | Certification of Title Insurance Agents.

Section 3953.22 | Licensing Title Insurance Agents.

Section 3953.23 | Maintaining Books of Account and Record and Vouchers.

Section 3953.231 | Establishing and Maintaining Interest-Bearing Trust Account for Deposit of Non-Directed Escrow Funds.

Section 3953.24 | Firm Name of Agent.

Section 3953.25 | Commission Payments.

Section 3953.26 | Payments for Inducement of Business.

Section 3953.27 | Division of Fees and Charges.

Section 3953.28 | Prior Approval Required for Forms and Contracts.

Section 3953.29 | Prohibiting Restrictive Covenants Constituting Unlawful Discriminatory Practice.

Section 3953.30 | Notice Comparing Lender's and Owner's Title Insurance.

Section 3953.32 | Offer of Closing or Settlement Protection to Parties.

Section 3953.33 | Annual Independent Review of Agency Accounts.

Section 3953.331 | Joint Venture Title Insurance Agencies Annual Review.

Section 3953.35 | Prohibited Conduct Regarding Loans of $75,000 or Less.

Section 3953.36 | Dissolution or Termination of a Joint Venture Title Insurance Agency.