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AN ACT
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relating to the biennial hearing concerning title insurance and |
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related information. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 2703.153 and 2703.203, Insurance Code, |
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are amended to read as follows: |
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Sec. 2703.153. COLLECTION OF DATA FOR FIXING PREMIUM RATES; |
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ANNUAL STATISTICAL REPORT. (a) Each title insurance company and |
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title insurance agent engaged in the business of title insurance in |
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this state shall annually submit to the department, as required by |
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the department to collect data to use to fix premium rates, a |
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statistical report containing [all] information relating to: |
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(1) loss experience; |
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(2) expense of operation; and |
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(3) other material matters. |
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(b) The information must be submitted in the form prescribed |
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by the department. |
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(c) If the department requires a title insurance company or |
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title insurance agent to include new or different information in |
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the statistical report, that information may be considered by the |
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commissioner in fixing premium rates if the information collected |
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is reasonably credible for the purposes for which the information |
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is to be used. |
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(d) A title insurance company or a title insurance agent |
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aggrieved by a department requirement concerning the submission of |
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information may bring a suit in a district court in Travis County |
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alleging that the request for information: |
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(1) is unduly burdensome; or |
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(2) is not a request for information material to |
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fixing and promulgating premium rates or another matter that may be |
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the subject of the biennial hearing and is not a request reasonably |
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designed to lead to the discovery of that information. |
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(e) On filing of a suit under Subsection (d), the |
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requirement that the title insurance company or title insurance |
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agent bringing the suit comply with the request for the information |
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is abated as to that title insurance company or title insurance |
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agent. The district court may enter an order requiring the title |
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insurance company or title insurance agent to comply with the |
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request for information subject to the limitations, if any, imposed |
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by the court. |
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(f) A title insurance company or title insurance agent must |
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bring suit under Subsection (d) not later than the 30th day after |
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the date the company or agent receives the request for information |
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from the department. |
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(g) This section may not be construed to limit the |
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department's authority to request information under Section 38.001 |
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or other applicable provisions of this code. |
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Sec. 2703.203. BIENNIAL HEARING. The commissioner shall |
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hold a biennial public hearing not earlier than July 1 of each |
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even-numbered year to consider adoption of premium rates and other |
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matters relating to regulating the business of title insurance that |
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an association, title insurance company, title insurance agent, or |
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member of the public admitted as a party under Section 2703.204 |
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requests to be considered or that the commissioner determines |
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necessary to consider. |
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SECTION 2. Section 2703.204, Insurance Code, is amended to |
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read as follows: |
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Sec. 2703.204. ADMISSION AS PARTY TO BIENNIAL HEARING. (a) |
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Subject to this section, an [An] individual or association or |
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other entity recommending adoption of a premium rate or another |
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matter relating to regulating the business of title insurance shall |
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be admitted as a party to the biennial hearing. |
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(b) A party to the ratemaking phase of the biennial hearing |
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may request that the commissioner remove any other party to the |
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ratemaking phase of the hearing on the grounds that the other party |
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does not have a substantial interest in title insurance. A decision |
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of the commission to deny or grant the request is final and subject |
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to appeal in accordance with Section 36.202. |
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SECTION 3. Section 2703.205(d), Insurance Code, is |
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amended to read as follows: |
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(d) At the direction of the commissioner or at the written |
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request of an association or other entity recommending adoption of |
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a premium rate and [a person] seeking admission as a party to the |
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ratemaking phase of the hearing, the State Office of Administrative |
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Hearings shall conduct the ratemaking phase of the hearing in |
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accordance with Chapter 40. A request under this subsection must be |
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made at the time the association or entity [a person] seeks to be |
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admitted as a party to the hearing but may not be made later than the |
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10th day after the date notice of the hearing is provided under |
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Section 2703.207. |
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SECTION 4. This Act applies only to the premium rate |
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applicable to a title insurance policy that is delivered, issued |
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for delivery, or renewed on or after January 1, 2009. A premium rate |
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applicable to a policy that is delivered, issued for delivery, or |
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renewed before January 1, 2009, is governed by the law as it existed |
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immediately before the effective date of this Act, and that law is |
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continued in effect for this purpose. |
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SECTION 5. This Act takes effect September 1, 2007. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3271 was passed by the House on May 8, |
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2007, by the following vote: Yeas 146, Nays 0, 2 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 3271 on May 25, 2007, by the following vote: Yeas 141, Nays 0, |
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1 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3271 was passed by the Senate, with |
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amendments, on May 23, 2007, by the following vote: Yeas 31, Nays |
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0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |