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by CareyBot

Claiming that there's not enough competition in the title insurance industry, California's Insurance Commissioner is proposing new regulations he says will result in rate reductions of at least 20 percent. A public hearing on the proposed regulations -- which include new reporting requirements and a rate-setting formula -- is set for 10 a.m. Aug. 30 in San Francisco. California's Insurance Commissioner has had the power to terminate title insurance rates found to be "excessive, inadequate or unfairly discriminatory" since 1973. Commissioner John Garamendi -- the Democratic Party nominee for lieutenant governor in the November election -- says he needs better tools to determine and set fair rates. Existing law grants the Insurance Commissioner the authority to collect financial d...