HB454 Summary

• Exempts title insurance rates from Commissioner of Insurance oversight by removing title insurance from the commissioner's administrative duties over insurance rates and rating systems.

• Authorizes the Commissioner to approve rating organizations that conduct rate-making on behalf of member title insurers, contingent on compliance with specified requirements.

• Requires rating organizations to pay an initial fee not exceeding $200 and submit organizational documents, member lists, service contacts, rate-determination methods, and other information prescribed by the commissioner.

• Mandates annual renewal of rating organization authority by December 31 each year with a renewal fee not exceeding $200, and requires notification to the commissioner within 10 days of any member withdrawal or expulsion.

• Prohibits insurers from using rates or rating systems of organizations to which they do not belong, and establishes fair admission practices requiring rating organizations to admit any qualified title insurer without unfair discrimination.