Sec. 38a-410. Loss and loss expense reserve.
Sec. 38a-410. Loss and loss expense reserve. (a) All title insurers licensed in this
state shall establish and maintain reserves against unpaid losses and loss expenses.
(b) Upon receiving written notice from or on behalf of the insured of a title defect
in or lien or adverse claim against the title of the insured that may result in a loss or
cause expense to be incurred in the proper disposition of the claim, the title insurer shall
determine the amount to be added to the reserve, which amount shall reflect a careful
estimate of the loss or loss expense likely to result by reason of the claim.
(c) Reserves required under this section may be revised from time to time and shall
be redetermined at least once each year.
(P.A. 90-218, S. 11.)