Regulations

Will new state title insurance regulators provide better consumer protection?

Several states jump on title insurance commission bandwagon

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Several states are considering proposals that would create new supervisory entities for the title insurance industry, both in response to highly publicized fraud cases and the desire of the industry to be regulated by government officials who understand the nuances of their business. As reported by Inman on March 16, lawmakers in Colorado last week introduced Senate Bill 15-210, a measure that would establish a seven-member commission to assist the Division of Insurance commissioner with certain regulatory responsibilities (see "Colorado lawmakers want to create title insurance commission"). Six of the seven members in the proposed commission would be representatives from title insurance underwriters and agencies. But other states are jumping on the title insurance commission bandwagon this year. Lawmakers in Arkansas and Utah are considering similar proposals, while Vermont representatives are taking baby steps toward the same goal, with a bill pending before the House directing...