May 19, 2009
The long awaited revisions to the Title Insurance Statistical Plan were released on May 7th. The revisions eliminated the requirement of a balance sheet submission and retained the planned repeal of sections governing the prior statistical plan reporting. Part of the repealed regulations included rate formulas and maximum interim rates. The proposal also changed the disclosure requirement on the availability of consumer discounts. The first report would cover the Insurance Commissioner Poizner has also released proposed permanent regulations on title marketing representative registration to replace the emergency regulations currently in place. The emergency regulations covered the application requirements for a title marketing representative. The proposed regulations are substantially identical to the emergency regulations but contain addition provisions governing renewal of the certificate of registration. A hearing on the regulations has been scheduled for May 26th.
Previously proposed regulations regarding Statistical Plan Enforcement Remedies have now been modified so that the heading of the regulations now are now referred to as Rate and Statistical Plan Enforcement Remedies. The deadline for comments on the change was April 29th.
Additional regulations proposed by the Department of Insurance have yet to be revised or adopted. These include regulations on Controlled Business and on Rebates and Commissions. The CLTA will bring you updates as they occur on these proposals.