| Vote Recommendation | Economic Freedom | Property Rights | Personal Responsibility | Limited Government | Individual Liberty |
|---|---|---|---|---|---|
| Yes | Neutral | Positive | Neutral | Positive | Neutral |
Relating to certain hearings concerning title insurance rates and other matters relating to regulating the business of title insurance.
No significant fiscal implication to the State is anticipated.
Currently, a title insurance premium rate previously fixed by the commissioner of insurance may not be changed until after the commissioner holds a public hearing. The commissioner shall order a hearing to consider changing a premium rate, including fixing a new premium rate, in response to a written request of: (1) a title insurance company; (2) an association composed of at least 50 percent of the number of title insurance agents and title insurance companies; (3) an association composed of at least 20 percent of the number of title insurance agents licensed or authorized by the Department of Insurance; or (4) the office of public insurance counsel.
HB 3228 would authorize an interested person to request in writing to the commissioner of insurance a public hearing to consider changing a premium rate for title insurance, including fixing a new premium rate. An "interested person" would be a state resident, a business entity doing business in Texas, a political subdivision in Texas, or a public or private organization that is located in Texas. This bill would also revise provisions relating to the hearing procedure.
Texas Action supports HB 3228 which supports limited government and property rights by bringing additional transparency, consumer involvement, and property rights protection to the title insurance rate setting process.