|
April 25, 2017 5:48 PM
Title insurance companies and commercial real estate interests clash in House committee
TLTA argues there may be a cost shift from commercial real estate to homeowners; Doug Deason, who’s supported by Omni hotel owner Bob Rowling on this, argues “When companies can’t compete in the open market, consumers end up paying too much.”
Texas House Insurance Vice Chairman Sergio Munoz’s title insurance bill took up most of the morning in
the committee, pitting members of the business community against each other on
whether his proposal would help or hurt the industry.
House Bill 4239 permits title insurance companies to
file within a “flexible rate band” set by the Commissioner of Insurance,
differing from the current system.
“In other
words, unlike today where the title insurers must charge the same rate, they
will be able to compete for business by charging less or if they are inclined
and can provide justification, charge more than the state set rate,” Munoz said
while laying out his bill.
By Eleanor Dearman
|
Copyright April 25, 2017, Harvey Kronberg, www.quorumreport.com, All rights are reserved 