1.1 	A bill for an act
1.2 	relating to title insurance; defining a term; amending
1.3 	Minnesota Statutes 2004, section 68A.04.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2004, section 68A.04, is
1.6 	amended to read:
1.7 	68A.04  DEFINITION OF DIRECT RISK PREMIUMS DEFINITIONS.
1.8 		Subdivision 1.Direct risk premiums. For purposes of
1.9 	this chapter, "direct risk premiums" means the charge for title
1.10 	insurance made by a title insurance company or its agents
1.11 	according to the company's rate filing approved by the
1.12 	commissioner of commerce without a deduction for commissions
1.13 	paid to or retained by the agent and is that portion of the fee
1.14 	charged by a title insurance company to an insured or an
1.15 	applicant for insurance for the assumption by the title
1.16 	insurance company of the risk created by the issuance of the
1.17 	title insurance policy.  Direct risk premiums of a title
1.18 	insurance company do not include any other charge or fee for
1.19 	abstracting, searching, or examining the title, or for escrow,
1.20 	closing, or other related services.
1.21 		Subd. 2.Title insurance. For purposes of this chapter,
1.22 	"title insurance" means insuring or indemnifying owners of real
1.23 	or personal property, the holders of liens or encumbrances on
1.24 	the personal property, or others interested in the personal
2.1 	property against the unmarketability of the title to the
2.2 	property; the invalidity, impairment, or unenforceability of any
2.3 	liens or encumbrances on the property; or the doing, or
2.4 	proposing to do, any business in substance equivalent to any of
2.5 	the foregoing whether or not designed to evade the provisions of
2.6 	this chapter.