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Legislation watch
2017 House Bill 1450: Creating and establishing the rights and duties for title insurance rating and advisory organizations
Introduced by Rep. Terry Nealey (Dayton) (R) on January 20, 2017
Referred to the House Business & Financial Services Committee on January 20, 2017
Referred to the House Rules Committee on February 28, 2017
Amendment offered by Rep. Terry Nealey (Dayton) (R) on March 6, 2017
Removes the requirement that the commissioner may not approve a filing by a rating organization unless the commissioner issues a written decision. Requires the commissioner to review all materials contained in the filing and determine that the filing complies with title insurance statutes. Restores existing law that a title insurance rate filing is open to public inspection after the filing becomes effective. Removes the 25 dollar license fee and grants the commissioner rule-making authority to: (1) Establish the fee; (2) establish licensing requirements; and (3) require a rating organization to periodically update a title insurance rate filing.
The amendment passed by voice vote in the House on March 6, 2017
Authorizes and establishes a framework for title insurers to become members of and subscribe to the services of title insurance rating organizations for the purpose of making title insurance form and rate filings with the Office of the Insurance Commissioner (OIC).
Received in the Senate on March 8, 2017
Referred to the Senate Financial Institutions & Insurance Committee on March 8, 2017
Referred to the Senate Rules Committee on March 16, 2017
Signed by Gov. Jay Inslee on April 21, 2017