HB608 Summary

• Removes title insurance rates from the Commissioner of Insurance's rate approval authority by amending Section 27-13-2.

• Authorizes title insurance companies to form a rating organization to file premium rates on behalf of member insurers with the commissioner's approval.

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

• Establishes requirements for rating organization membership, including prohibitions on unfair discrimination and provisions for appeals of membership denials to the commissioner.

• Prohibits insurers from using rates or rating systems from organizations of which they are not members, and requires member notification to the commissioner within 10 days of any member withdrawal or expulsion.