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47 California Attorney General Reports and Opinions 1 (1966)

handle is hein.sag/sagca0047 and id is 1 raw text is: OPINIONS OF THE ATTORNEY GENERAL OF CALIFORNIA Volume 47 Opinion No. 65-209-January 7, 1966 SUBJECT: TITLE INSURANCE-Security deposits of an underwritten title company must be retained by the Insurance Commissioner even though the business has been purchased by another company. Requested by: INSURANCE COMMISSIONER Opinion by: THOMAS C. LYNCH, Attorney General William R. Petrocelli, Deputy The Honorable Stafford R. Grady, Insurance Commissioner, has requested an opinion on the following questions: 1. Is the Insurance Commissioner required by section 12396 of the Insur- ance Code to retain the deposit of an underwritten title company for a period of two years following the cessation of that company's business when that business has been purchased by another underwritten title company? 2. Does the amendment to section 12396 of the Insurance Code effected by chapter 361 of the Statutes of 1965, which changes certain provisions of such section but which retains the provisions relating to the deposit and its retention, affect deposits which were made prior to such amendment? The conclusions are: 1. The Insurance Commissioner is required to retain the deposit even though the title company's business has been purchased by another underwritten title company. 2. The amendment to section 12396 of the Insurance Code does not affect deposits which were made prior to such amendment. ANALYSIS Section 12396 of the Insurance Code requires that an underwritten title com- pany make a deposit for security with the Insurance Commissioner and that such I

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