Plain English Breakdown
The effective date is missing from the provided official metadata and text excerpts.
Changes to Title Insurance Rate Rules
This law changes how title insurance companies file and show their prices by requiring online posting instead of printed copies, extending the public display time from 30 to 40 days, and giving the state more power to review new rates.
What This Bill Does
- Requires only title insurers to file rate schedules with the Insurance Commissioner, changing rules for underwritten title companies and controlled escrow companies.
- Allows the Insurance Commissioner to object to a new or changed price and stop it from starting until the issue is fixed.
- Removes the rule that rates must be printed in offices and requires them to be posted on company websites instead.
- Increases the time prices must be shown publicly before they start from 30 days to at least 40 days, requiring both physical display and electronic publication.
- Requires underwritten title companies to keep copies of rate schedules for a minimum of seven years.
Who It Names or Affects
- Title insurers
- Underwritten title companies
- Controlled escrow companies
- The Insurance Commissioner
Limits and Unknowns
- The official text does not state the specific date when these new rules will begin.
- Existing law prevents rate increases from applying to contracts signed before a new rate takes effect.