(a)This section applies to a title policy
issued after June 30, 2014. To the extent of any conflicts with any other
provision of this chapter, this section is controlling.
(b)The definitions in IC 27-7-3 apply throughout this section.
(c)For purposes of this section, "form", when used in reference to
a title policy:
(1)includes:
(A)a commitment for title insurance and a title policy or
guaranty; and
(B)the terms and conditions of the title insurance or title policy
or guaranty; and
(2)excludes:
(A)a reinsurance contract or agreement;
(B)an exception:
(i)that is included in a commitment or title policy; and
(ii)for specific defects in a title that may be ascertained from
an examination of a specific risk;
(C)an affirmative assurance of a company, through
endorsement or otherwise
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(a) This section applies to a title policy
issued after June 30, 2014. To the extent of any conflicts with any other
provision of this chapter, this section is controlling.
(b) The definitions in IC 27-7-3 apply throughout this section.
(c) For purposes of this section, "form", when used in reference to
a title policy:
(1) includes:
(A) a commitment for title insurance and a title policy or
guaranty; and
(B) the terms and conditions of the title insurance or title policy
or guaranty; and
(2) excludes:
(A) a reinsurance contract or agreement;
(B) an exception:
(i) that is included in a commitment or title policy; and
(ii) for specific defects in a title that may be ascertained from
an examination of a specific risk;
(C) an affirmative assurance of a company, through
endorsement or otherwise, with respect to a defect described in
clause (B); and
(D) any other exception from coverage due to:
(i) a limitation on the examination of the risk imposed by a
particular applicant for title insurance; or
(ii) failure of a particular applicant for title insurance to
provide the data necessary for determination of insurability.
(d) A company doing business in Indiana shall, at least thirty (30)
days before the proposed effective date of the filing, file with the
commissioner all of the following that the company proposes to use,
including the proposed effective date and an indication of the character
and extent of the coverage contemplated:
(1) The form of a title policy, endorsement, manual, rating
schedule or rating plan, and other rating rule.
(2) A modification of any filing described in subdivision (1).
If the commissioner does not, within a thirty (30) day waiting period
beginning on the date of filing, disapprove a filing made under this
subsection, the filing is considered approved.
(e) If a company is a member of or a subscriber to a rating
organization that is licensed under section 8 of this chapter, the filing
requirement of subsection (d) may be satisfied by a filing made:
(1) by the rating organization; and
(2) on behalf of all of the rating organization's members and
subscribers;
in accordance with subsection (f).
(f) A rating organization that makes a filing described in subsection
(e) shall, at least thirty (30) days before the proposed effective date of
the filing, file with the commissioner for review and approval or
disapproval all of the following that the company proposes to use,
including the proposed effective date and an indication of the character
and extent of the coverage contemplated:
(1) The form of a title policy, endorsement, manual, rating
schedule or rating plan, and other rating rule.
(2) A modification of any filing described in subdivision (1).
(g) The commissioner shall, within a thirty (30) day waiting period
beginning on the date of filing, approve or disapprove a filing made
under subsection (f). However, the commissioner may do the
following:
(1) Upon written notice to the rating organization making the
filing within the initial thirty (30) day period, extend the waiting
period for not more than an additional thirty (30) days to enable
the commissioner to complete the review of the filing.
(2) With the consent of the rating organization making the filing,
extend the waiting period for additional thirty (30) day periods.
(3) Upon receiving a written request by the rating organization
making the filing, approve the filing or a part of the filing that the
commissioner has reviewed to become effective before the
expiration of a waiting period described in subdivision (1) or (2).
(h) If the commissioner, during a waiting period described in
subsection (g), determines that a filing made by a rating organization
under this section:
(1) meets the requirements of this chapter, the commissioner shall
approve the filing and send to the rating organization written
notice of the approval; or
(2) does not meet the requirements of this chapter, the
commissioner shall disapprove the filing and send to the rating
organization written notice of the disapproval, including the
following:
(A) The notice must specify the manner in which the filing does
not meet the requirements of this chapter.
(B) The notice must specify that the filing will not become
effective.
(i) If the commissioner, at any time after approval under subsection
(d), (g), or (h), determines that the filing does not comply with this
chapter, the commissioner shall, after a hearing held on ten (10) days
written notice:
(1) sent to the person making the filing; and
(2) specifying the matters to be considered at the hearing;
issue an order specifying the manner in which the filing does not
comply with this chapter and the date on which the filing will no longer
be effective.
(j) The commissioner shall send a copy of an order issued under
subsection (i) to the person making the filing. The order does not affect
a title policy made or issued before the date specified in the order on
which the filing is no longer effective.
(k) The commissioner may not disapprove a filing described in
subsection (d) or (f) if the rates produced by the filing comply with this
chapter.
(l) A rating organization that receives notice of a hearing or a copy
of an order under subsection (i) shall promptly notify all of the rating
organization's members or subscribers that would be affected by the
hearing or order. For purposes of subsection (i), notice to a rating
organization is considered to be notice to the rating organization's
members or subscribers.
(m) If:
(1) a filing is not accompanied by the information on which the
filing is based; and
(2) the commissioner does not have sufficient information to
determine whether the filing complies with this chapter;
the commissioner shall require the person making the filing to furnish
to the commissioner the information on which the filing is based, and
the waiting period described in subsection (d) or (g) begins on the date
on which all required information is received by the commissioner.
(n) Information furnished under subsection (m) may include the
following:
(1) The experience or judgment of the company or the rating
organization making the filing.
(2) The company's or rating organization's interpretation of any
statistical data relied on by the company or rating organization.
(3) The experience of other title insurance companies or rating
organizations.
(4) Any other factor that the commissioner considers relevant.
(o) The department shall create a title insurance consumer
comparison tool, subject to the following:
(1) The filed rates of every insurer that issues title insurance
policies in Indiana will be included on the consumer comparison
tool.
(2) The information on the consumer comparison tool shall be
designed to allow an average consumer of ordinary intelligence
to compare and differentiate between all substantially similar title
insurance rates offered by all title insurers approved in Indiana.
At a minimum, the consumer comparison tool must include the
following:
(A) Organizational data, including the company name, address,
and telephone number, and the name of the head of local
operations.
(B) Whether the applicant, or a related entity, has previously
offered title insurance in Indiana and, if so, the year or years in
which the title insurance was offered, along with the rate or
rates charged by the applicant prior to the most recent filing.
(C) A listing of the rates the title insurer will charge for:
(i) a commitment; and
(ii) a closing protection letter;
and a sample of rates the title insurer will charge for title
insurance policies of varying amounts of insured value.
(D) Any other substantive information that the commissioner
considers relevant and appropriate.
(3) The consumer comparison tool must be made available to the
public free of charge on the department's Internet web site not
later than September 1, 2014. After September 1, 2014, the
department shall make any:
(A) new approved filings; or
(B) changes to existing filings;
available on the consumer comparison tool not later than ten (10)
business days after the application is stamped "filed" by the
department.