Exhibit 2012-24 Form T-S2, Tripartite Agreement Tripartite

Exhibit 2012-24
Form T-S2, Tripartite Agreement
Tripartite Agreement (Form T-S2)
Whereas, _________________________________________________ (Agent) is a
licensed title insurance agent doing business in this State and having its principal office
at__________________________ in_______________________________ County,
Texas, and;
Whereas, for the purposes of complying with law in connection with Agent's title
insurance business in this State, Agent desires to maintain a solvency account in
accordance with §2651.0121, Insurance Code, and;
Whereas, ____________________________________________ (Financial Institution)
is a federally insured financial institution in this State which desires to offer to Agent a
solvency account to be maintained at Financial Institution, and;
Whereas, _____________________________________________, the Commissioner
of Insurance of the State of Texas (Commissioner), or the Commissioner’s duly
authorized representative, is authorized to permit or direct the release, transfer or
expenditure of the funds held in the solvency account in accordance with
§2651.0121(h), Insurance Code;
Therefore, it is mutually agreed between Agent, Financial Institution and the
Commissioner that:
1. The solvency account shall be established at Financial Institution and funds shall be
deposited by Agent in the solvency account in accordance with §2651.0121,
Insurance Code.
2. Funds held in the solvency account shall not be released, transferred or spent
except on written authorization from the Commissioner or as provided herein.
3. Until the principal balance of the solvency account equals or exceeds the total
Required Capitalization Amount of $__________________ in accordance with
§2651.012(c), Insurance Code, all interest or income accrued in the solvency
account shall be retained in the account.
4. After the principal balance of the solvency account equals or exceeds the total
Required Capitalization Amount, Agent is authorized to receive the interest or
income accruing from the solvency account after the date the principal balance of
the solvency account equals or exceeds the total Required Capitalization Amount,
and Financial Institution shall pay or transfer the interest or income payable to Agent
or Agent's assigns as directed by Agent.
5. In the event the principal balance of the solvency account in any calendar year
exceeds the amount that would have been required to be maintained if the Agent
had no solvency account and fell under the schedule established by the
Exhibit 2012-24
Form T-S2, Tripartite Agreement
Commissioner by rule under §2651.012(g), Insurance Code, Agent is authorized to
receive the amount of the overage for that calendar year provided that agent has
filed with the Texas Department of Insurance (Department) a revised Title Agent's
Unencumbered Assets Certification (Form T-S1) setting forth the amount of the
overage in the principal balance of the solvency account for that calendar year.
Upon receipt of the revised Title Agent’s Unencumbered Assets Certification, the
Commissioner shall have 10 days to object to the release of the funds on the basis
that the funds do not actually exceed the amount required. If the Financial Institution
does not receive an objection from the Commissioner to the release of funds on this
basis, the Financial Institution shall pay or transfer the overage in the principal
balance of the solvency account to Agent or Agent's assigns as directed by Agent
upon receipt of a copy of the revised Title Agent's Unencumbered Assets
Certification (Form T-S1) showing the dated file stamp of the Department.
6. In the event Agent merges or consolidates or effects the equivalent of a merger or
consolidation with another title insurance agent, and the survivor entity maintains
unencumbered assets which meet the total Required Capitalization Amount, the
survivor entity is authorized to receive the amount by which the solvency account
established by Agent and maintained at Financial Institution exceeds the total
Required Capitalization Amount of the unencumbered assets maintained by the
survivor entity, and Financial Institution shall pay or transfer the excess amount in
the solvency account to the survivor entity as directed by the survivor entity provided
that the survivor entity has filed with the Department a Title Agent's Unencumbered
Assets Certification (Form T-S1) certifying that the survivor entity maintains
unencumbered assets equal to or in excess of the total Required Capitalization
Amount and Financial Institution has received a copy of the Title Agent's
Unencumbered Assets Certification (Form T-S1) filed with the Department by the
survivor entity.
7. Financial Institution is authorized to transfer all or any funds in the solvency account
to a solvency account maintained by Agent at another financial institution provided
the other solvency account is the subject of a Tripartite Agreement (Form T-S2)
between Agent, the Commissioner and the other financial institution and Financial
Institution has received a copy of the other Tripartite Agreement (Form T-S2).
Executed and Ordered, this __________day of ____________________20____ .
_____________________________________________________
Commissioner of Insurance, State of Texas
_____________________________________________________
(Name of Agent)
Exhibit 2012-24
Form T-S2, Tripartite Agreement
By:__________________________________________________
Typed Name:__________________________________________
Title:_________________________________________________
Address:______________________________________________
_____________________________________________________
_____________________________________________________
Phone Number:________________________________________
E-mail Address:________________________________________
State of Texas
County of _________________
Before me, _________________________________, on this day personally appeared
_________________________________,
known
to
me
(or
proved
to
me
through____________________________) to be the person whose name is subscribed
to the foregoing instrument and acknowledged to me that he or she executed the same
for the purposes therein expressed.
Given under my hand and seal of office this _____ day of ________________, 20__.
_____________________________
Notary Public
_____________________________________________________
(Name of Financial Institution)
By:__________________________________________________
Exhibit 2012-24
Form T-S2, Tripartite Agreement
Typed Name:__________________________________________
Title:_________________________________________________
Address:______________________________________________
_____________________________________________________
_____________________________________________________
Phone Number:________________________________________
E-mail Address:________________________________________
State of Texas
County of _________________
Before me, _________________________________, on this day personally appeared
_________________________________,
known
to
me
(or
proved
to
me
through____________________________) to be the person whose name is subscribed
to the foregoing instrument and acknowledged to me that he or she executed the same
for the purposes therein expressed.
Given under my hand and seal of office this _____ day of ________________, 20__.
_____________________________
Notary Public