Tue. March 26, 2013 at 01:01 PM
Texas Title Insurance Rate Increase Effective May 1 2013
Mari Montgomery Realty keeps you informed. Here are the details:
1. The commissioner has jurisdiction over this matter under Insurance Code §31.021, 2501.001—2501.008,
2551.003, and 2703.001—2703.208.
2. TDI gave proper and timely notice of the February 19, 2013, Texas Title Insurance Rate Hearing, as required by
Insurance Code §2703203.
3. Insurance Code §2703.151 requires the commissioner to fix and promulgate the premium rates to be charged by title insurance companies and title insurance agents.
4. An increase of 3.8 percent over current premium rates is reasonable to the public and nonconfiscatory to title insurance companies and title insurance agents, as Insurance Code §2703.152 requires. The commissioner of insurance orders that, effective 12:01 a.m., May 1, 2013, title insurance companies and title insurance agents must use the premium rates in Exhibit A.
Source: Mari Realty Community News Realty News