HEA 1224 Summary

• Amends Indiana Code IC 27-1-22-28 to regulate title insurance policies issued after June 30, 2014, establishing filing requirements for title insurance forms, endorsements, and rating schedules with the commissioner.

• Requires companies and rating organizations to file proposed title insurance materials at least 30 days before the effective date; filings are automatically approved if the commissioner does not disapprove within the 30-day waiting period.

• Allows the commissioner to extend the waiting period up to an additional 30 days, require supporting information for incomplete filings, and disapprove filings that do not meet chapter requirements with written notice specifying deficiencies.

• Permits the commissioner to issue orders requiring non-compliant filings to cease effectiveness after a hearing with 10 days written notice; orders do not affect policies issued before the specified effective date.

• Requires the department to create and maintain a free public title insurance consumer comparison tool on its website by September 1, 2014, displaying filed rates, organizational information, historical rates, and sample rates for all approved Indiana title insurers, updated within 10 business days of new filings.