BILL SUMMARY for HB09-1155
HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR
|Votes: View--> ||Action Taken: |
|Moved to refer House Bill 09-1155 to the Committee||PASS|
10:25 AM -- House Bill 09-1155
Representative Weissmann, prime sponsor, presented House Bill 1155 concerning title insurance and justifications to be filed with the commissioner of insurance. The bill requires that title insurance companies and agents file the actuarial justification for a new or amended title insurance rate or fee with the commissioner of insurance at the Department of Regulatory Agencies rather than at the company's or agent's principal office within the state. Representative Balmer asked some questions about the origination of the bill.
10:27 AM -- Richard Jones, President of the Land Title Association of Colorado, testified in support of the bill unamended.
10:28 AM -- Marcy Morrison, Colorado Insurance Commissioner, testified on the bill. She gave some history on the title industry and talked about the title council. The commissioner responded to questions from the committee.
In response to a question from the chair, Representative Weissmann explained that there was a suggestion brought up by an interested party that had to do with a concern over differentiation between title companies and the various services they provide; however the sponsor did not feel that was a legislative issue. The insurance commissioner commented and stated that the title council is putting together their own ethical standards for title companies to follow.
|TIME: || 10:37:54 AM|
|MOTION:||Moved to refer House Bill 09-1155 to the Committee of the Whole. The motion passed 8-0.|
Final YES: 8 NO: 0 EXC: 3 ABS: 0 FINAL ACTION: PASS