H.B. No. 5173 amends the Texas Insurance Code to enhance the process for annual statistical reporting and the adoption of title insurance premium rates. The bill introduces new requirements for the Texas Department of Insurance, mandating that by May 15 each year, the department must issue a call for statistical report data to title agents and, by July 16, to title companies. Additionally, the department is required to publish a compilation report summarizing the submitted statistical reports on its website by September 1 each year.

Furthermore, the bill stipulates that any title insurance rate ordered or adopted that is not in effect before June 2, 2025, will not become effective, and any new rates must comply with the changes established by this Act. The Act is set to take effect immediately upon receiving a two-thirds vote from both houses of the legislature; otherwise, it will take effect on September 1, 2025.

Statutes affected:
Introduced: Insurance Code 2703.153 (Insurance Code 2703)