SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2005 SESSION

  • | print version

SB 982 Title insurance; policies or contracts to be based upon published risk rates, penalty.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Title insurance rates; penalties.  Prohibits title insurance companies, agencies, and agents from making or issuing a title insurance policy or contract except in accordance with the rate of premium, policy fee, or other charge that is published by the title insurance company. Title insurance companies are required to publish their risk rates, and to separately state, but not to publish, charges for separate or related services or for examining titles. A title insurance company, agency, or agent that fails to publish its risk rates, or issues a policy not in accordance with its published risk rates, may be assessed a penalty in an amount equal to the premium that should have been charged for the transaction based on the risk rates in use at the time of the transaction.


FULL TEXT

HISTORY