February 6, 2013
Rate Hearing To Be Held February 19
The Texas Department of Insurance (TDI) has scheduled a rate hearing for the morning of Tuesday, Feb. 19, 2013, to consider TLTA's request to increase the Basic Premium Rate for Title Insurance. The hearing will take place at 9:30 a.m. in Room 100 of the William P. Hobby Jr. State Office Building at 333 Guadalupe St. in Austin, and is expected to conclude no later than noon.
Unlike previous rate hearings, we anticipate this proceeding will be short — possibly only lasting an hour or two. Brief statements will be made by each party and testimony from expert witnesses will be presented in summary form. The process will largely build on and formalize discussions that have occurred in three prior informal public meetings with representatives of TLTA, TDI staff and the Office of Public Insurance Counsel (OPIC). During those meetings, there was lengthy discussion of each group's rate analysis, as well as presentations by expert actuaries and economists. At the final public meeting, it was agreed that a joint TLTA and OPIC recommendation of a 3.8% rate increase would be supported as reasonable by TDI staff and would be made to the Commissioner.
A hearings officer will preside over the hearing, and at the conclusion, the recommendation will go to the Commissioner for her consideration. Based on the notice of hearing, a ruling is expected by March 26, 2013. We will continue to keep you updated throughout this important process.
Last Chance to Join TLTA for Day at the Capitol!
The TLTA Day at the Capital is is scheduled for this Tuesday, Feb. 12, and we would like to invite you to join us in Austin if you haven't already registered. With such a historic number of new legislators, it will be the most important opportunity in years for TLTA members to meet their legislators and champion our industry. When it comes to title insurance, no one knows more about the importance of our industry in Texas than you, so find out more and sign up.
TLTA Working With Stakeholders on Legislation to Improve the Industry
The 83rd Texas Legislative Session is off to a busy start for TLTA. The TLTA lobby team has already been involved in several stakeholder meetings with various groups who are seeking the industry's support and input on their legislation. Likewise, TLTA is seeking audiences with various stakeholders for input on our proposed legislative initiatives. We are currently working on three bills designed to increase efficiency in the transfer of real property, and we will keep you updated on their progress. For more information, please see our legislative agenda
here.
Pace of the 83rd Legislative Session Likely Faster Than 82nd
27% Fewer Bills Filed This Session
There are several indications that the pace of this legislative session may prove to be much more brisk than recent legislatures. With so many freshman, fewer burning and divisive partisan issues surfacing, an expected special session on school finance and the absence of a budget shortfall, there are many fewer obstacles to the pace of activity than in the past. The nearly 1,500 bills that have been filed so far this session are also approximately 27% fewer than at this same time last session, according to the legislative reporting service Telicon. Whether this dynamic results in more or fewer bills passing this session remains to be seen.
House and Senate Committees Announced
Another indication that this session may have a quicker pace was Speaker of the House Joe Strauss' announcement of House Committee assignments this past Thursday, weeks earlier than last session. The House Insurance Committee will again be chaired by Rep. John Smithee (R-Amarillo), and you may view the other members of the Committee
here. Lt. Gov. David Dewhurst also recently announced Senate committee assignments.
Republican Senators Introduce Bill to Halt CFPB Funding Until Director Confirmed
American Banker | January 31, 2013
Republican Sens. Mike Johanns of Nebraska, Lamar Alexander of Tennessee and John Cornyn of Texas have introduced legislation that would halt certain work at the Consumer Financial Protection Bureau until the agency confirms a director. The Restoring the Constitutional Balance of Power Act, introduced Thursday, follows a key federal appeals court ruling last week against the recess appointments of three members of the National Labor Relations Board. That decision casts into doubt the legality of CFPB Director Richard Cordray's appointment because it occurred on the same day as the others, even though he was not directly involved in the lawsuit.
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