House Concurrent Resolution No. 7, introduced by the Business Committee, expresses the Idaho Legislature's strong support for the state-based system of title insurance regulation in the United States. The resolution highlights the effectiveness of this system in protecting consumers and fostering a competitive insurance market, as affirmed by Congress through various legislative acts, including the McCarran-Ferguson Act and the Dodd-Frank Act. The resolution emphasizes the importance of maintaining state oversight to ensure that insurance remains accessible and responsive to local needs, particularly in light of recent federal encroachments that threaten this regulatory framework.

The resolution outlines specific federal actions that have raised concerns, such as the Federal Housing Finance Agency's pilot program allowing waivers of title insurance requirements and changes in guidelines from government-sponsored enterprises like Fannie Mae and Freddie Mac. In response, the Idaho Legislature commits to actively monitoring and opposing any federal attempts to undermine state regulations or promote alternatives to title insurance that do not comply with state laws. The resolution underscores the Legislature's dedication to preserving the integrity and stability of the state-based title insurance regulatory system.