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2005 SESSION
HB 2821 Title insurance; allows companies to charge negotiated risk rates.
Introduced by: Terrie L. Suit | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Title insurance risk rates. Authorizes title insurance companies to charge risk rates that it negotiates with a potential insured. Such rates shall be presumed not to be unfairly discriminatory if they are sufficient to furnish a reasonable margin for profit after provision for probable losses, exposure to loss under policies, allocations to reserves, costs of participating insurance, operating costs and other items of expense fairly attributable to the operation of the business, and are not unfairly discriminatory between risks involving essentially the same hazards and expense elements.
SUMMARY AS INTRODUCED:
Title insurance risk rates. Authorizes title insurance companies to charge negotiated risk rates with a potential insured, provided the negotiated rates are commercially reasonable. Such rates shall be presumed not to be unfairly discriminatory.