What's happening
This bill allows the New York State Insurance Fund to provide title insurance and certificates of clear title, creating a new title insurance fund.
Why it matters
Introduces a public option for title insurance. , potentially increasing competition with private title insurance companies and impacting the cost and accessibility of title insurance for homebuyers and property owners.
Establishes a dedicated Title Insurance Fund. within the New York State Insurance Fund, ensuring that premiums and associated revenues are kept separate and used specifically for title insurance claims and related expenses.
Creates new regulatory oversight. by directing the Superintendent of Financial Services to set up a Title Insurance Bureau, which could lead to increased state involvement in monitoring and regulating the title insurance market.
May expand consumer protections and transparency. in the title insurance process by subjecting policies offered through the public fund to oversight and rules crafted by state regulators, potentially addressing concerns about high fees or opaque practices in the private market.
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Who cares
Headline styles
State Offers Title Insurance
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to labor
- Referred to labor
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4885
2017-2018 Regular Sessions
IN ASSEMBLY
February 6, 2017
Introduced by M. of A. WEPRIN -- read once and referred to the Committee on Labor
AN ACT to amend the workers' compensation law, in relation to directing the state insurance fund to offer title insurance or certificates of clear title
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 76 of the workers' compensation law is amended by adding a new subdivision 6 to read as follows:
6. The purposes of the state insurance fund created in this section are hereby enlarged to permit it to furnish title insurance policies, as defined in subsection (b) of section six thousand four hundred one of the insurance law, and/or certificates of clear title. A separate fund is hereby created within the state insurance fund, which shall be known as the "title insurance fund", and which shall consist of all premiums received and paid into said fund on account of such insurance, all securities acquired by and through the use of moneys belonging to said fund and of interest earned upon moneys belonging to said fund and deposited or invested as herein provided. Said title insurance fund shall be applicable to the payments, expenses and assessments on account of title insurance policies written pursuant to the rules and regulations established by the superintendent of financial services.
§ 2. The superintendent of financial services is hereby:
1. directed to create, within the insurance department, a title insurance bureau which shall implement the title insurance program established by this act; and
2. authorized to prescribe, amend and withdraw rules and regulations implementing the provisions of subdivision 6 of section 76 of the workers' compensation law, as added by section one of this act.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09090-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.