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You are here: Home . alert . event . 2017 . dckt2800

NOTICE OF HEARING - DOCKET NO. 2800 - TITLE INSURANCE RATES

Location: William P. Hobby Jr., State Office Building
333 Guadalupe, Room 100
Austin, Texas

September 07, 2017
10:30 a.m. - 12:00 p.m.

The department of insurance will hold a public hearing under Insurance Code §2703.206 to adjust title insurance rates for the 2018 calendar year to reimburse Texas title insurers for amounts paid in assessments to the Texas Title Insurance Guaranty Association (TTIGA) in 2017.

Previous Assessment and Recoupment – In August 2012, the commissioner of insurance designated Southern Title Insurance Company as impaired. In 2013, to ensure that TTIGA had sufficient funds to pay Southern Title claims, TTIGA assessed title insurers for $2.5 million. The commissioner adjusted title insurance rates for 2014 to allow insurers to recoup the $2.5 million.

2012 Southern Title Impairment Order
2014 Recoupment Rate Order

2017 Assessment – On February 7, 2017, TTIGA executed an assumption agreement with First National Title Insurance Company. Under the agreement, First National Title assumes TTIGA’s liabilities for Southern Title Insurance policies. In March 2017, TTIGA assessed title insurers $6 million to pay for the assumption.

Recoupment Rate Hearing – Insurance Code §2602.210 allows title insurers to recoup amounts paid in assessment in their rates in the succeeding calendar year. TDI must hold a hearing to adjust the 2018 title insurance rates to allow for recoupment of the 2017 assessment.

This hearing will address only the recoupment rate. Comments must be directly related to that issue. If you wish to submit written comments, analyses, or other information, please do so by 5 p.m. on September 7, 2017. You must provide two copies of your submission. Send one copy to the Office of the Chief Clerk, Mail Code 113-2A, Texas Department of Insurance, PO Box 149104, Austin, Texas 78714-9104, or email it to ChiefClerk@tdi.texas.gov. Send the other copy to J’ne Byckovski, Director and Chief Actuary, PO Box 149104, Mail Code 105-5F, Austin, Texas 78714-9104, or email it to PCActuarial@tdi.texas.gov.

You may also present relevant written or oral comments at the hearing.

Audio Archive
27 minutes

 



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