August 18, 2009
The California Department of Insurance revised Statistical Plan Regulations were filed with the California Secretary of State on August 4, 2009. The regulations will be effective September 3, 2009.
In the final regulations, the Department clarified that only title insurers are required to report data but the regulations require the reporting of both title and escrow loss and loss adjustment expenses by title insurers. Also, the reporting of “unusual or hazardous risk premium” and “unusual service revenue” is still required. In addition, the Department regulations still require title insurers report not only the experience of direct operations, but also that of their “affiliated companies.”