SRC-ARR S.B. 91 76(R)   BILL ANALYSIS


Senate Research Center   S.B. 91
76R2972 DB-DBy: Harris
Economic Development
2/10/1999
As Filed


DIGEST 

Currently, Texas law authorizes the commissioner of insurance to require
the Texas Title Insurance Guaranty Association to audit and review title
insurance agent escrow and trust accounts, financial condition, and
compliance with statutes and rules.  Although auditors do not audit records
of title insurance companies, some accounting records pertaining to agents
are maintained by the title insurance company.  S.B. 91 authorizes auditors
to access the records of agents maintained at the offices of the title
insurance company. 

PURPOSE

As proposed, S.B. 91 authorizes title auditors to audit and review escrow
and trust accounts of title insurance companies. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Article 9.48, Section 14(c), Insurance Code, to require
the Texas Title Insurance Guaranty Association, on the request of the
Commissioner of Insurance of this state, to authorize the expenditure of
funds from the guaranty fee account to retain compensate, and reimburse a
person who will audit and review insurer escrow and trust accounts. Makes a
nonsubstantive change. 

SECTION 2. Effective date: September 1, 1999.

SECTION 3. Emergency clause.