Competition and Consumer Standing
To help lower prices of title insurance, Texas must provide greater flexibility and competition to the rate regulatory system. The state should also give citizens a full voice in the process by providing standing to the public at rate hearings, as in other lines of insurance, and allowing them the right to request a rate hearing be held.
Support SB 1062 & HB 3228: Give Consumers Standing
Senator Kelly Hancock (R) and Representative Sergio Muñoz (D) have filed legislation to once again give consumers a voice in title insurance rate-setting hearings. Under current statute, title insurance companies can ask the Texas Department of Insurance for a hearing if they think rates are too low, but consumers – home buyers, realtors, builders and anyone other than title insurance companies – are prevented from asking for a hearing if they believe title insurance rates are too high. Both bills will give consumers a voice in the process and allow them to fully participate by providing standing to appear, offer evidence at hearings, and to request a hearing be held to consider a rate change more frequently than five years.