Consumers Are Denied Full Participation in Rate-Setting
- Title insurance is the only line of insurance where the state sets a single rate and citizens cannot fully participate in the rate-setting process.
- This single rate is set in a hearing held by the Texas Department of Insurance every five years, unless set more frequently by the Insurance Commissioner or requested by the title insurance industry.
- Consumers do not have a way to effectively participate in the rate-setting process.
- Not only are consumers excluded from effectively participating in hearings, but they cannot request a hearing.
- Only title insurance companies, agents, associations, and government regulators have input in the rate-setting hearings.