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 new subsections that require 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 are due to the department 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, with deadlines for publication set for October 1 and November 1 for agents and companies, respectively.

Furthermore, the bill allows title insurance companies and agents to continue charging existing premium rates until new rates are established based on the data from the reports. The Texas Department of Insurance is instructed to issue the call for reports as soon as practicable after the bill's effective date. The act 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)