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A BILL TO BE ENTITLED
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AN ACT
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relating to the regulation of title insurance rates. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2703.152, Insurance Code, is amended by |
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amending Subsection (b) and adding Subsection (c) to read as |
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follows: |
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(b) The commissioner may fix different rates that reflect |
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the geographic location of the title agent, the type of property to |
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be insured, the amount of business written by the title insurance |
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agent, and any other factors that may affect the cost of providing |
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title insurance. |
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(c) The premium rates fixed by the commissioner must be: |
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(1) reasonable as to the public; and |
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(2) nonconfiscatory as to title insurance companies |
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and title insurance agents. |
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SECTION 2. The change in law made by Section 2703.152, |
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Insurance Code, as amended by this Act, applies only to a rate |
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effective on or after January 1, 2012. A rate effective before |
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January 1, 2012, is governed by the law in effect immediately before |
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the effective date of this Act, and that law is continued in effect |
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for that purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |