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89(R) HB 5173 - House Committee Report version - Bill Text
89R24767 SCR-D
By: Dean
H.B. No. 5173
Substitute the following for H.B. No. 5173:
By: Dean
C.S.H.B. No. 5173
A BILL TO BE ENTITLED
AN ACT
relating to annual statistical reports for fixing title insurance
premium rates.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2703.153, Insurance Code, is amended by
adding Subsections (a-1) and (c-1) to read as follows:
(a-1)
The department shall issue a call for the statistical
report data required under Subsection (a):
(1)
to each title insurance agent, not later than
March 1 of each year for a statistical report due to the department
on May 1; and
(2)
to each title insurance company, not later than
April 1 of each year for a statistical report due to the department
on June 1.
(c-1)
The department shall publish on the department's
Internet website a compilation report summarizing the statistical
reports submitted under Subsection (a), including information
related to loss experience, expense of operation, premiums, and
other material matters:
(1)
from all title insurance agents, not later than
October 1 of each year; and
(2)
from all title insurance companies, not later than
November 1 of each year.
SECTION 2. The Texas Department of Insurance shall issue a
call for the reports required by Section 2703.153, Insurance Code,
as amended by this Act, as soon as practicable after the effective
date of this Act. A title insurance company or a title insurance
agent may continue to charge the premium rates in effect on the
effective date of this Act until new rates are fixed using data from
the reports provided under this section.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2025.