2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 22. Regulation of Insurance Rates › 27-1-22-28. Title Insurance Filings; Title Insurance Rate Comparison Tool

Sec. 28. (a) This section applies to a title policy issued after June 30, 2014. To the extent of any conflicts with any other provision of this chapter, this section is controlling.
(b) The definitions in IC 27-7-3 apply throughout this section.
(c) For purposes of this section, "form", when used in reference to a title policy:
(1) includes:
(A) a commitment for title insurance and a title policy or guaranty; and
(B) the terms and conditions of the title insurance or title policy or guaranty; and
(2) excludes:
(A) a reinsurance contract or agreement;
(B) an exception:
(i) that is included in a commitment or title policy; and
(ii) for specific defects in a title that may be ascertained from an examination of a specific risk;
(C) an affirmative assurance of a company, through endorsement or otherwise, with respect to a defect described in clause (B); and
(D) any other exception from coverage due to:
(i) a limitation on the examination of the risk imposed by a particular applicant for title insurance; or
(ii) failure of a particular applicant for title insurance to provide the data necessary for determination of insurability.
(d) A company doing business in Indiana shall, at least thirty (30) days before the proposed effective date of the filing, file with the commissioner all of the following that the company proposes to use, including the proposed effective date and an indication of the character and extent of the coverage contemplated:
(1) The form of a title policy, endorsement, manual, rating schedule or rating plan, and other rating rule.
(2) A modification of any filing described in subdivision (1).
If the commissioner does not, within a thirty (30) day waiting period beginning on the date of filing, disapprove a filing made under this subsection, the filing is considered approved.
(e) If a company is a member of or a subscriber to a rating organization that is licensed under section 8 of this chapter, the filing requirement of subsection (d) may be satisfied by a filing made:
(1) by the rating organization; and
(2) on behalf of all of the rating organization's members and subscribers;
in accordance with subsection (f).
(f) A rating organization that makes a filing described in subsection (e) shall, at least thirty (30) days before the proposed effective date of the filing, file with the commissioner for review and approval or disapproval all of the following that the company proposes to use, including the proposed effective date and an indication of the character and extent of the coverage contemplated:
(1) The form of a title policy, endorsement, manual, rating schedule or rating plan, and other rating rule.
(2) A modification of any filing described in subdivision (1).
(g) The commissioner shall, within a thirty (30) day waiting period beginning on the date of filing, approve or disapprove a filing made under subsection (f). However, the commissioner may do the following:
(1) Upon written notice to the rating organization making the filing within the initial thirty (30) day period, extend the waiting period for not more than an additional thirty (30) days to enable the commissioner to complete the review of the filing.
(2) With the consent of the rating organization making the filing, extend the waiting period for additional thirty (30) day periods.
(3) Upon receiving a written request by the rating organization making the filing, approve the filing or a part of the filing that the commissioner has reviewed to become effective before the expiration of a waiting period described in subdivision (1) or (2).
(h) If the commissioner, during a waiting period described in subsection (g), determines that a filing made by a rating organization under this section:
(1) meets the requirements of this chapter, the commissioner shall approve the filing and send to the rating organization written notice of the approval; or
(2) does not meet the requirements of this chapter, the commissioner shall disapprove the filing and send to the rating organization written notice of the disapproval, including the following:
(A) The notice must specify the manner in which the filing does not meet the requirements of this chapter.
(B) The notice must specify that the filing will not become effective.
(i) If the commissioner, at any time after approval under subsection (d), (g), or (h), determines that the filing does not comply with this chapter, the commissioner shall, after a hearing held on ten (10) days written notice:
(1) sent to the person making the filing; and
(2) specifying the matters to be considered at the hearing;
issue an order specifying the manner in which the filing does not comply with this chapter and the date on which the filing will no longer be effective.
(j) The commissioner shall send a copy of an order issued under subsection (i) to the person making the filing. The order does not affect a title policy made or issued before the date specified in the order on which the filing is no longer effective.
(k) The commissioner may not disapprove a filing described in subsection (d) or (f) if the rates produced by the filing comply with this chapter.
(l) A rating organization that receives notice of a hearing or a copy of an order under subsection (i) shall promptly notify all of the rating organization's members or subscribers that would be affected by the hearing or order. For purposes of subsection (i), notice to a rating organization is considered to be notice to the rating organization's members or subscribers.
(m) If:
(1) a filing is not accompanied by the information on which the filing is based; and
(2) the commissioner does not have sufficient information to determine whether the filing complies with this chapter;
the commissioner shall require the person making the filing to furnish to the commissioner the information on which the filing is based, and the waiting period described in subsection (d) or (g) begins on the date on which all required information is received by the commissioner.
(n) Information furnished under subsection (m) may include the following:
(1) The experience or judgment of the company or the rating organization making the filing.
(2) The company's or rating organization's interpretation of any statistical data relied on by the company or rating organization.
(3) The experience of other title insurance companies or rating organizations.
(4) Any other factor that the commissioner considers relevant.
(o) The department shall create a title insurance consumer comparison tool, subject to the following:
(1) The filed rates of every insurer that issues title insurance policies in Indiana will be included on the consumer comparison tool.
(2) The information on the consumer comparison tool shall be designed to allow an average consumer of ordinary intelligence to compare and differentiate between all substantially similar title insurance rates offered by all title insurers approved in Indiana. At a minimum, the consumer comparison tool must include the following:
(A) Organizational data, including the company name, address, and telephone number, and the name of the head of local operations.
(B) Whether the applicant, or a related entity, has previously offered title insurance in Indiana and, if so, the year or years in which the title insurance was offered, along with the rate or rates charged by the applicant prior to the most recent filing.
(C) A listing of the rates the title insurer will charge for:
(i) a commitment; and
(ii) a closing protection letter;
and a sample of rates the title insurer will charge for title insurance policies of varying amounts of insured value.
(D) Any other substantive information that the commissioner considers relevant and appropriate.
(3) The consumer comparison tool must be made available to the public free of charge on the department's Internet web site not later than September 1, 2014. After September 1, 2014, the department shall make any:
(A) new approved filings; or
(B) changes to existing filings;
available on the consumer comparison tool not later than ten (10) business days after the application is stamped "filed" by the department.
As added by P.L.80-2013, SEC.2. Amended by P.L.133-2014, SEC.1.