HB398 Summary

• Exempts title insurance from the Insurance Commissioner's rate approval authority by removing title insurance rates from the Commissioner's regulatory jurisdiction under Section 27-13-2.

• Authorizes title insurers to establish a rating organization that can file premium rates on behalf of member insurers with the Commissioner, subject to Commissioner authorization and compliance with specified requirements.

• Requires rating organizations to pay an initial application fee and annual renewal fee not to exceed $200 each, with all fees deposited into the Insurance Department Fund.

• Establishes membership provisions ensuring any title insurer can apply for membership without unfair discrimination, with appeal rights to the Commissioner for denied applications.

• Prohibits insurers from using rates or rating systems from organizations of which they are not members, and restricts expelled or withdrawn members from using that organization's rates during the expulsion or withdrawal period.