The bill amends Section 2703.153 of the Insurance Code to establish new timelines for the submission of annual statistical reports related to title insurance premium rates. It introduces two new subsections: Subsection (a-1) requires the Texas Department of Insurance to issue a call for statistical report data to title insurance agents by March 1 and to title insurance companies by April 1 each year. The reports from agents are due by May 1, while those from companies are due by June 1. Additionally, Subsection (c-1) mandates the department to publish a compilation report on its website, summarizing the submitted statistical reports, including loss experience and operational expenses, with deadlines for publication set for October 1 and November 1 for agents and companies, respectively.

Furthermore, the bill stipulates that the Texas Department of Insurance must issue a call for these reports as soon as practicable after the bill's effective date. Title insurance companies and agents are allowed to continue charging existing premium rates until new rates are established based on the data from the reports. The bill will take effect immediately if it receives a two-thirds majority vote in both houses; otherwise, it will take effect on September 1, 2025.

Statutes affected:
Introduced: Insurance Code 2703.153 (Insurance Code 2703)
House Committee Report: Insurance Code 2703.153 (Insurance Code 2703)