Legislators Meet to Discuss Title Insurance Rates
AUSTIN - Public testimony dominated a meeting of the Senate Interim Committee on Title Insurance at the state capitol on Friday, February 6. Chair Chris Harris of Arlington along with Senators Gonzalo Barrientos of Austin and J.E. "Buster" Brown of Lake Jackson listened to numerous witnesses concerned with the current system of setting title insurance premium rates.
As part of the committee's charges, the members are comparing Texas title insurance rates to the rates in other states. They are considering the expenses that should be included or excluded in calculating certain rates and whether title insurance rates should be regulated. The members are also expected to conduct a study of the issue of controlled business arrangements in the title insurance industry and the effects of such practices on prices and competition.
The committee will review testimony and gather its findings to make any necessary recommendations to the 76th Legislature which will convene in January of next year.