August 14, 2009

Commissioner Acts on Minerals Issue & Rule Hearing

Minerals Coverage Adopted - Effective November 1, 2009
Texas Department of Insurance Commissioner Mike Geeslin has officially adopted changes to the Basic Manual concerning minerals coverage effective November 1, 2009. The changes represent the TLTA recommended proposal that was the result of our work with the stakeholders and other interested parties. We appreciate the many volunteer hours that went into this effort. 

Pursuant to the new Procedural Rule P-5.1, policies may contain general exceptions to minerals coverage under prescribed circumstances. The new Form T-19.2 and T-19.3 will be available for protecting improvements and permanent buildings. Also, the Commissioner adopted a rate of $50 for the new endorsements.

Click here to view the Commissioner's Bulletin B-0032-09

Click here to view the Adoption Order

Click here to view the Adopted Items
*We urge you to study this carefully to determine how it will affect you. TLTA will be providing educational programming prior to the effective date.

2008 Biennial Rule Hearing - Proposed Rules Published for Final Comment - Effective October 1, 2009

Texas Department of Insurance Commissioner Mike Geeslin has published a notice of proposed amendments to the Basic Manual as a result of the 2008 Biennial Rule Hearing that was held on October 2, 2008. TDI will be accepting comments on these items until September 21, 2009. These items are proposed for adoption effective October 1, 2009.

TLTA just received this information and we are in the process of reviewing and analyzing the proposal, but we wanted to get it to you as quickly as possible. We’ll provide a detailed analysis and educational opportunities once we’ve had an opportunity to study the amendments in more detail. In the meantime, we urge you to view the proposed amendments to the Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance:

Summary

Proposed Rules

We're Your Source - Webinars Coming Soon on These Important Changes

Stay tuned...We are in the process of scheduling educational programming to provide guidance and answer your questions regarding these changes. Dates and times to be announced in short order.

Update Your Basic Manual With These Changes

Click here to subscribe to our Basic Manual subscription service to stay current and in compliance. Please note, current subscribers will automatically receive the updates prior to the effective dates. Don't know if you have a subscription? Contact Kim Schoppert at kim@tlta.com or 512.472.6593.