Did you know that Texas’ government engages in price xing? Under Title 11 of the Texas Insurance Code, the state has assumed the authority to “completely regulate” the business of title insurance. This means that it sets rates, determines coverage options, and assumes overall control of the details usually negotiated by parties in a transaction.
Economy
Heavy Regulation, High Profits, and Wasteful Spending
Texas has the most restrictive regulation of title rates and forms (policies) in the nation, allowing no opportunity for insurers to innovate with their products or lower rates to compete for business directly from the consumer. Texas should introduce competition into the title insurance market by moving to a file-and-use system.
April 12, 2017