SB 260 Summary

• Authorizes title insurance agents and agencies to charge separate, reasonable fees for primary title services, title searches, and closing services that are not part of the insurer's premium rate and must be filed with the Office of Insurance Regulation for public disclosure.

• Changes title insurance rate regulation from the commission "adopting" rates to the office "approving" rates based on annual insurer filings demonstrating rates are actuarially sound and not excessive, inadequate, or unfairly discriminatory.

• Establishes a 90-day deadline for the office to issue approval or disapproval of rate filings, with rates deemed approved if no notice is issued within that period, and requires chief executives and actuaries to certify rate filings under oath.

• Prohibits title insurers from altering rates for 120-180 days after receiving notice that a rate may be problematic, and allows the office to disapprove any rate increases filed during this period without prior notice.

• Increases liability for title insurers or agents negligent in title search and examination activities to three times the policy coverage amount, and repeals existing rate deviation provisions.