Industry News

New Mexico pushing 6.3% cut in title insurance rates

Industry can appeal decision to take effect in September

New Mexico regulators propose rolling back title insurance rates in the state by 6.3 percent on Sept. 1, although the industry has the right to appeal the change to the state Public Regulation Commission. New Mexico's state superintendent of insurance, Morris J. Chavez, cited a recent report on competition in the state's title insurance industry as the justification for the rollback, the Santa Fe New Mexican reported. The New Mexico Public Regulation Commission's Insurance Division staff had recommended a 1.7 percent rate reduction, and the New Mexico Land Title Association advocated limiting rate cuts to 1.4 percent, the newspaper said. Consumers have filed three lawsuits alleging that title insurance rates are too high, and the commission has formed a task force to study the industry, the New Mexican reported. The task force's membership will reportedly include Birny Birnbaum, the former chief economist for the Texas Department of Insurance. Birnbaum authored a study o...