Creating and establishing the rights and duties for title insurance rating and advisory organizations.
Summary
Authorizes and establishes a framework for title insurers to become members of and subscribe to the services of title insurance rating organizations for the purpose of making title insurance form and rate filings with the Office of the Insurance Commissioner (OIC).
Provides the OIC with authority and direction to license, examine, and regulate title insurance rating organizations.
Authorizes the sharing of aggregate information and experience data between title insurance rating organizations, title insurers, and the OIC's designated statistical reporting agent, subject to restrictions.
Establishes that title insurance rates filed by a rating organization become effective only if approved by the OIC after the OIC reviews specified materials and determines the filing complies with title insurance statutes.
From the Engrossed House Bill Report (ESB 5629), written by the Legislature's nonpartisan staff. Read the full report ↗
Did not passDid not pass · passed Senate, stalled in House