AG Pushes for Title Insurance Rule

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(SANTA FE) ---Attorney General Gary King’s office today filed a proposed rule change before the Public Regulation Commission’s Insurance Division. The rule would spell out what data is collected from New Mexico title insurance agents and underwriters, tightening accountability and improving the accuracy of data used to set title insurance rates.

The data collection covers 4 main categories:
1. Title Plant Expense and Maintenance

2. Report of Affiliate Transactions

3. Report of Amounts Paid to or Received from other Licensees

4. Personal Expense Report

AG King says, “Regulated industries that enjoy the benefits of protection and insulation from economic cycles have a duty to provide accurate, verifiable data to the state. The proposed rule will provide the Superintendent of Insurance the correct foundation necessary for lawful title insurance rate making.”

Attorney General King says the proposed rules would better protect the interests of consumers in the face of title insurance statutes that currently do not adequately protect the interests of consumers.