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A BILL TO BE ENTITLED
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AN ACT
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relating to annual statistical reports for fixing title insurance |
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premium rates. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2703.153, Insurance Code, is amended by |
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adding Subsections (a-1) and (c-1) to read as follows: |
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(a-1) The department shall issue a call for the statistical |
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report data required under Subsection (a): |
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(1) to each title insurance agent, not later than |
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March 1 of each year for a statistical report due to the department |
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on May 1; and |
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(2) to each title insurance company, not later than |
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April 1 of each year for a statistical report due to the department |
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on June 1. |
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(c-1) The department shall publish on the department's |
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Internet website a compilation report summarizing the statistical |
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reports submitted under Subsection (a), including information |
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related to loss experience, expense of operation, premiums, and |
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other material matters: |
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(1) from all title insurance agents, not later than |
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October 1 of each year; and |
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(2) from all title insurance companies, not later than |
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November 1 of each year. |
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SECTION 2. The Texas Department of Insurance shall issue a |
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call for the reports required by Section 2703.153, Insurance Code, |
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as amended by this Act, as soon as practicable after the effective |
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date of this Act. A title insurance company or a title insurance |
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agent may continue to charge the premium rates in effect on the |
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effective date of this Act until new rates are fixed using data from |
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the reports provided under this section. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2025. |