The bill amends Section 2703.153 of the Insurance Code to enhance the process for collecting and reporting statistical data related to title insurance premium rates. It introduces new requirements for the Texas Department of Insurance to issue calls for statistical report data to title insurance agents and companies by specific deadlines: March 1 for agents and April 1 for companies, with reports due on May 1 and June 1, respectively. Additionally, the department is mandated to publish a compilation report summarizing the submitted data, including loss experience and operational expenses, by October 1 for agents and November 1 for companies.

Furthermore, the bill allows title insurance companies and agents to continue charging existing premium rates until new rates are established based on the data collected from these reports. The act will take effect immediately upon receiving a two-thirds vote from both houses of the legislature; otherwise, it will become effective on September 1, 2025.

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