The Title Insurers Act applies to all transactions entered into on or after September 13, 1997, except that:

(1) If the capital and surplus required prior to September 13, 1997, was less than that required by section 44-1985, a title insurer shall have two years after September 13, 1997, to comply with such section; and

(2) Section 44-1988 provides for a multiyear compliance period during which requisite reserves must be established.