SB 1836 Summary

• Creates Division of Title Insurance within Department of Financial Services, establishing unified state regulation of title insurance industry previously split between Office of Insurance Regulation and Division of Insurance Agents and Agency Services

• Establishes comprehensive regulatory framework for title insurers, agents, and agencies including licensing requirements, examination standards, continuing education (10 hours every 2 years), and disciplinary procedures

• Consolidates title insurance provisions from chapters 624, 626, and 627 into new Chapter 637, creating three parts covering administration, title insurer licensing, and agent/agency licensing

• Sets minimum capital requirements for title insurers ($1.5-2.5 million surplus) and prohibits rebating except through uniform department-approved percentages; establishes premium tax of 1.75% on title insurance premiums

• Transfers all regulatory authority, personnel, records, and unexpended funds related to title insurance from Financial Services Commission and Office of Insurance Regulation to Department of Financial Services effective July 1, 2010