Download or read book Comment Regarding Increasing Price Competition for Title Insurers written by David J. Reiss and published by . This book was released on 2017 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Title insurance is unique among insurance products because it provides coverage for unknown past acts. Other insurance products provide coverage for future events. Title insurance also requires just a single premium payment whereas other insurance products generally have premiums that are paid at regular intervals to keep the insurance in effect. Premiums for title insurance in New York State are jointly filed with the Department by the Title Insurance Rate Service Association (TIRSA) on behalf of the dominant title insurers. This joint filing ensures that title insurers do not compete on price. In states where such a procedure is not followed, title insurance rates are generally much lower.Instead of competing on price, insurers compete on service. “Service” has been interpreted widely to include all sorts of gifts -- fancy meals, hard-to-get tickets, even vacations. The real customers of title companies are the industry's repeat players -- often real estate lawyers and lenders who recommend the title company -- and they get these goodies. The people paying for title insurance -- owners and borrowers -- ultimately pay for these “marketing” costs without getting the benefit of them. These expenses are a component of the filings that TIRSA submits to the New York State Department of Financial Service to justify the premiums charged by TIRSA's members. As a result of this rate-setting method, New York State policyholders pay among the highest premiums in the country. Instead of continuing on its current course, the Department should seek to create a regulatory regime that best balances increased price competition with adequate safety and soundness regulation.

Download or read book Title Insurance written by Orice M. Williams and published by DIANE Publishing. This book was released on 2007-08 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previously, the author identified issues related to title insurance markets, including questions about the extent to which premium rates reflect underlying costs, oversight of title agent practices, & the implications of recent state & fed. investigations. This report addresses those issues by examining: (1) the characteristics of title insurance markets across states; (2) factors influencing competition & prices within those markets; & (3) the current regulatory environment & planned regulatory changes. To conduct this review, the author analyzed available industry data & studies, & interviewed industry & regulatory officials in a sample of 6 states selected on the basis of differences in size, industry practices, regulatory environments, & number of investigations.

Download or read book Regulation Versus Competition written by Beibei Zou and published by . This book was released on 2012 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study uses a multilevel model of change to assess the effects of five distinguished regulation styles in title insurance on insurance premiums. This study finds that the states promulgating title insurance premiums have higher charges than the states allowing free competition in the title insurance market. The other regulation styles do not have significantly different impacts on title insurance premiums from free competition. In addition, market characteristics such as home sales, housing price, and property value can also influence title insurance premiums. This study explains the title insurance premium variation among states. The research outcomes can also provide insights into the ongoing regulatory reform in title insurance, in particular in the states using the promulgation regulation style.

Download or read book The American Title Insurance Industry written by Joseph W. Eaton and published by . This book was released on 2007 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Title Insurance written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Title insurance is a required element of almost all real estate purchases and is not an insignificant cost for consumers. However, consumers generally do not have the knowledge needed to "shop around" for title insurance and usually rely on professionals involved in real estate-such as lenders, real estate agents, and attorneys-for advice in selecting a title insurer. Recent state and federal investigations into title insurance sales have identified practices that may have benefited these professionals and title insurance providers at the expense of consumers. At your request, GAO currently has work under way studying the title insurance industry, including pricing, competition, the size of the market, the roles of the various participants in the market, and how they are regulated. You asked GAO to identify and report on preliminary issues for further study. In so doing, this report focuses on: (1) the reasonableness of cost structures and agent practices common to the title insurance market that are not typical of other insurance markets; (2) the implications of activities identified in recent state and federal investigations that may

Download or read book Title Insurance written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2006 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mortgages written by Hank C. Sentowski and published by Nova Publishers. This book was released on 2007 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages, terminology and vested interests. Mortgages represent one of the most (if not the most) significant investment decisions most individuals will make in their lifetimes. This new book presents invaluable information on some of the primary types of mortgages as well as FAQ and future trends in the industry.

Download or read book Competitive problems in the drug industry written by United States. Congress. Senate. Select Committee on Small Business. Subcommittee on Monopoly and Anticompetitive Activities and published by . This book was released on 1967 with total page 2188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Amendments to Title I LEAA of the Omnibus Crime Control and Safe Streets Act written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Criminal Laws and Procedures and published by . This book was released on 1976 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Reforming Insurance Regulation written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Competitive Problems in the Drug Industry written by United States. Congress. Senate. Select Committee on Small Business. Committee on Monopoly and published by . This book was released on 1967 with total page 588 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Oversight Hearing on the Effect on Plan Participants of Insurance Company Failures written by United States. Congress. House. Committee on Education and Labor. Subcommittee on Labor-Management Relations and published by . This book was released on 1992 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Register written by and published by . This book was released on 2014 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nondiscrimination in Insurance Act S 2477 written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights and published by . This book was released on 1980 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Trade Commission Decisions written by United States. Federal Trade Commission and published by . This book was released on 1989 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book FTC Authorization written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on the Consumer and published by . This book was released on 1985 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book FTC Authorization written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee for Consumers and published by . This book was released on 1985 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: