Ark. Code Ann. § 23-103-414 (2026)
Record retention requirements
- The title insurer and the title insurance agency shall maintain sufficient records of their affairs, including evidence of underwriting title, determination of insurability, and records of their escrow operations and escrow accounts.
- The Insurance Commissioner may prescribe the specific records and documents to be kept and the length of time for which the records shall be maintained.
History. Acts 2007, No. 684, § 6; 2009, No. 1190, § 11.
Amendments. The 2009 amendment substituted “agency” for “agent” in (a).
Case Notes
Violations.
There was substantial evidence to support the revocation of the license of a title insurance company owner because there was a longtime pattern of poor record-keeping, poor management, and questionable business practices that enabled the owner's employee to commit fraud; and the owner disregarded the sanctity of escrow accounts and failed to place correct information on title policies regarding his license, business name, and the required statutory notices. Moreover, the sanction was not too harsh because revocation was an available sanction for the violations that occurred. Dyer v. Ark. Ins. Dep't, 2015 Ark. App. 446, 468 S.W.3d 303 (2015).