As Amended
SEC. 83-15-5. Capital.
A corporation created as herein provided shall not issue any title insurance policy until it has capital of not less than one hundred fifty thousand dollars ($150,000.00) and surplus of not less than seventy-five thousand dollars ($75,000.00). The total amount of any policy issued by such corporation without reinsurance shall not exceed fifty per cent (50%) of the capital and surplus of the company, as reflected by its latest statement to the commissioner. In transactions where a primary risk is carried by another title insurance company, a domestic title insurance company may issue its reinsurance or coinsurance for an amount not exceeding its capital and surplus.
SOURCES: Codes, 1892, Sec. 2336; 1906, Secs. 2588-2590; Hemingway's 1917, Secs. 5052-5054; 1930, Sec. 5164; 1942, Sec. 5671; Laws, 1952, ch. 297; 1958, ch. 441 (approved February 7, 1958).