What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
3 Co-sponsors
History
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes superintendent of financial services to conduct a study and make recommendations on title insurance premium rates in N.Y. state
In Assembly Committee · Insurance · Sponsor David Weprin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act in relation to directing the superintendent of financial services to conduct a study and issue a report regarding title insurance premium rates
Purpose
It authorizes the state superintendent of insurance to conduct a study and make recommendations on title insurance premium rates in New York State.
Summary of specific provisions
Section 1.1: The superintendent of insurance is hereby authorized and directed to conduct a comprehensive study on title insurance programs. The workers' compensation law is amended to add a new subdivision 6.
Section 1.2: Within a year of the effective date of the act the superintendent shall issue a report to the governor and the legislature that shall include but not be limited to a.) an analysis of title insurance premiums in New York State; b.) steps that can be taken to reduce such rates; and c.) what service charges are regularly added to customers' bills for title services.
Justification
Title insurance guarantees homebuyers against claims of prior liens against property they intend to purchase. Like other forms of insurance, it is regulated by New York State. Currently, title insurance is available only through private entities and costs citizens an average of $1.2 billion, in order to guarantee payments of $50 million, according to 2007 statistics. Because title insurance is a requirement of home purchase, citizens must accept the prices set by private industry, but that require the approval of the New York State Insurance Department. New York State should take a greater interest in protecting citizens from the overpricing of something the state requires of home-buyers. For example, the State of Iowa has prohibited the private sale of title insurance, allowing the government to set rates and ensure that its citizens are offered standard price. A study of current, private title insurance pricing will allow the State superintendent of insurance to properly assess what appropriate rates for title insurance should be according to both the market and the actual costs of insuring title.
Legislative history
New bill.
Fiscal implication
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.