March 22, 2013

3.8% Rate Increase Adopted by TDI Commissioner
Effective May 1, 2013

Texas Department of Insurance (TDI) Commissioner Eleanor Kitzman today adopted a rate increase of 3.8% to the Basic Premium Rate for Title Insurance. The new rates will go into effect May 1, 2013. You may view the full Commissioner's Order, which includes an updated rate chart, here.

The adoption of this increase comes after TLTA's request for a Rate Hearing late last year. Following the request, several informal public meetings took place, during which TLTA, the Office of Public Insurance Counsel (OPIC) and TDI staff discussed and analyzed various rate recommendations and considerations. During those meetings, there was lengthy discussion of each group's rate analysis, as well as presentations by expert actuaries and economists.

In a final public hearing in February, each of those groups and their expert witnesses presented brief summary testimony, and TLTA placed into record these exhibits, which included a joint recommendation from TLTA and OPIC for the 3.8% increase. OPIC also testified that the proposed rate adjustment was reasonable, and the TDI staff actuary said it was reasonable and within their range of recommended rate changes.

The Commissioner's adoption of this 3.8% increase marks the first rate increase for our industry in more than 20 years. TLTA thanks all of the parties involved, including TDI, OPIC and the TLTA volunteers, who helped throughout the process.

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Texas Land Title Association | 1717 W. 6th St. | Suite 120 | Austin, TX 78703

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