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 concerns regarding federal actions that could undermine state regulation, such as pilot programs allowing waivers of title insurance requirements and updates to government-sponsored enterprises' guidelines that permit alternatives to title insurance. In response, the Idaho Legislature commits to actively monitoring and opposing any federal attempts to infringe upon state regulatory authority, including the promotion of alternatives to title insurance that do not comply with state laws. The resolution reaffirms the Legislature's dedication to preserving the integrity and stability of the state-based title insurance regulatory system.