Today's Law As Amended


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AB-2196 Title insurance: termination: exemption.(2013-2014)



As Amends the Law Today


SECTION 1.

 Article 9 (commencing with Section 12419) is added to Chapter 1 of Part 6 of Division 2 of the Insurance Code, to read:

Article  9. Exemption to Termination of Title Insurance on Transfers to Revocable Trusts
12419.
 (a) Coverage under a policy of title insurance shall continue to the transferee when title is transferred to a trustee of the insured’s revocable living trust of which the insured is a beneficiary with the power to revoke, or, if the trustee of a trust is the insured under the policy, when title is transferred by the trustee to the trust’s settlor in his or her individual capacity.
(b) This section applies only to a policy of title insurance issued on or after January 1, 2015.