Regulations

Colorado lawmakers want to create title insurance commission

Bill mirrors controversial proposal in Utah that aims to strip embattled Title and Escrow Commission of some authority

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Colorado is considering legislation that would appoint a title insurance commission to combat potential conflicts of interest between the industry's regulator and the companies she oversees. Title insurance companies in Colorado (long considered a battleground for title industry regulation) currently fall under the oversight of the commissioner of the Division of Insurance, which falls under the umbrella of the Division of Regulatory Agencies. Senate Bill 15-210 would retain the insurance commissioner's authority to regulate title insurance premium rates, issue licenses to new companies and ensure existing companies are meeting their licensing requirements, but it also would establish a seven-member commission that would have a say in new rules set by the commissioner, propose new rules for approval and review disciplinary actions related to the regulation of the title insurance business. Three commission members would be underwriter employees with at least five years of title ...