SB291 Summary

• Authorizes title insurance companies to form a rating bureau to file premium rates with the Insurance Commissioner on behalf of member insurers.

• Rating organizations must pay a fee not exceeding $200 for initial authorization and $200 annually for renewal, and must submit organizational documents, member lists, and rate-determination procedures to the Commissioner.

• Any title insurer may join a rating organization without unjustified discrimination, with a right to petition the Commissioner for a hearing if denied membership within 30 days of rejection.

• Rate filings by rating organizations require prior written approval from the Commissioner after substantive review, unlike individual insurer filings which become effective after 60 days unless disapproved.

• Expands form filing requirements for rating organizations and prohibits insurers from using rates or rating systems of organizations they do not belong to; becomes effective the first day of the third month following passage and approval.