September 20, 2023

In This Issue:

  • TDI Will Hold Informal Stakeholder Meeting on Title Insurance Basic Premium Rate Oct. 26
  • TDI to Host a Webinar for Title Insurance Underwriters Oct. 5
  • Correction: SB 1916 on PID Transparency Was Vetoed by Gov. Abbott
  • TDI to Consider Proposals to Update Basic Manual During Rulemaking Hearing Nov. 15
  • FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information

TDI Will Hold Informal Stakeholder Meeting on Title Insurance Basic Premium Rate Oct. 26

TLTA | Sept. 20, 2023
TDI will hold an informal public stakeholder meeting to discuss the basic premium rate on Oct. 26. This is not a formal proceeding at which decisions will be made, but rather an opportunity for interested parties to share data analysis and relevant comments.
 
The last time the rates were reviewed was four years ago, in 2019. TLTA is reviewing and analyzing current market data, and our team of experts will participate in this meeting on your behalf. We will update you following this informal meeting and throughout the process.
 
If you have questions or comments, please submit them to Aaron Day at [email protected] or call at 512.810.8800.
 
Review TDI's Notice »
 

TDI to Host a Webinar for Title Insurance Underwriters Oct. 5

TLTA | Sept. 20, 2023
On Oct. 5, TDI will present a webinar, Title Insurance: Agent Oversight Responsibilities, with an overview of requirements for title insurance underwriters to oversee title agents and direct operations. 
 
All underwriters should plan to participate, and agents are encouraged to as well.
 
Register for the Webinar »
 

Correction: SB 1916 on PID Transparency Was Vetoed by Gov. Abbott

TLTA | Sept. 21, 2023
In last week's edition of Dateline we included this blurb on bills passed by the Texas Legislature this year that took effect on Sept. 1.
 
Please note that we listed SB 1916, related to PID transparency, among the bills that are now effective, but that information is incorrect. Gov. Abbott vetoed SB 1916, so it will not impact any PID-related work in which you are engaged.
 

TDI to Consider Proposals to Update Basic Manual During Rulemaking Hearing Nov. 15

TLTA | Sept. 20, 2023
The Texas Department of Insurance set a Nov. 15 hearing to consider proposals to update, correct and clarify rules and forms in the Basic Manual. A petition from TLTA, as well as additional proposals from TDI, will be discussed at the hearing. Review TDI's notice. 
 
The rules and endorsement rate adjustments proposed by TLTA were generated by TLTA's Regulatory Committee  and approved by TLTA's Board of Directors  following many years of work. TLTA's rule package contains several improvements to current procedural rules, a modernization of certain fees, new endorsements, and plain language rewrites.  
 
The upcoming hearing follows months of work with TDI that began last December with a public meeting and continued with an additional public meeting this summer wherein issues were discussed among TLTA members, stakeholders, and TDI staff, resulting in an improved package that will be considered at the November hearing.
 
Hearing details
Nov. 15, 2023
1 p.m. Central
Barbara Jordan Building
TDI's hearing notice
 
Proposals to be considered
TLTA Petition (w/ Exhibits)
TDI Proposal
TDI Exhibits
 
TLTA's Regulatory team led by Committee Chair, Roland Love, and Government Relations Director and Counsel, Aaron Day, will lead our presentation supporting adoption of TLTA’s proposals, which were generated by our Regulatory Committee and approved by the Board of Directors.
 
Note: this hearing will not address the basic premium rate
The basic premium rate will not be addressed at the Nov. 15 hearing, focusing instead on Basic Manual rules, forms and endorsement rates.
 
Questions?
If you have questions or comments, please submit them to Aaron Day at [email protected] or call at 512.810.8800.
 

FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information

U.S. Treasury | Sept. 18, 2023
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule.  Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners—the individuals who ultimately own or control a company—to FinCEN.  The Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.  
 
Read More »
 
TLTA Editor's Note: TLTA's Regulatory Committee along with our counterparts at ALTA have been tracking and commenting on the development of the BOI rule since the subject was first discussed. Your team at TLTA are currently working on educational tools to help our industry understand our obligations under this new rule. Please keep an eye out here in Dateline for announcement of a webinar and other materials to help you prepare for these new requirements from U.S. Treasury.