What's happening
This bill allows the New York State Insurance Fund to offer title insurance and certificates of clear title, creating a new fund for this purpose.
Why it matters
Introduces a public option for title insurance in New York, potentially increasing competition. with private title insurance companies and possibly lowering costs for consumers and businesses involved in real estate transactions.
Creates a dedicated “title insurance fund” within the State Insurance Fund. , ensuring that premiums and earnings from title insurance are kept separate and used specifically for related claims and expenses, which could impact how efficiently and transparently these services are managed.
Empowers the Superintendent of Financial Services to regulate this new public title insurance program. , meaning state oversight will guide the rules, consumer protections, and operational standards, possibly influencing the quality and reliability of title insurance offerings statewide.
May affect accessibility and affordability of title insurance and clear title certificates. , which are essential for real estate purchases, by offering an alternative to the current private market and potentially making property transactions more straightforward for New Yorkers.
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Who cares
State Insurance Fund
The bill would authorize it to furnish title insurance policies or certificates of clear title and create a separate title insurance fund for premiums, investments and related payments and expenses.
Superintendent of Financial Services
The bill would require the superintendent to create a title insurance bureau to implement the program and authorize rules governing it.
Title insurance companies
The bill would authorize the State Insurance Fund to offer the same type of coverage they sell.
Property buyers seeking title coverage
The bill would allow them to obtain title insurance policies or certificates of clear title from the State Insurance Fund.
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
4354
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
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.
LBD07247-01-9
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.