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Senate Bill 572 |
Senate Author: Eltife |
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Effective: 9-1-15 |
House Sponsor: Sheets |
Senate Bill 572 amends the Texas Title Insurance Act under the Insurance Code to change the maximum title insurance policy liability to 50 percent of the sum of a title insurance company's surplus as regards policyholders and the company's statutory premium reserves. The bill removes the condition that a title insurance company give written notice to the Texas Department of Insurance before acquiring reinsurance from a title insurance company that is not authorized to engage in the business of title insurance in Texas. The bill also removes TDI's authorization to permit a title insurance company, under specified conditions, to acquire reinsurance from a non-admitted title insurer that does not satisfy applicable requirements or to retain an additional potential liability of not more than 40 percent of the company's capital stock and surplus.