New York State
Insurance Department

MEDIA ADVISORY: TITLE INSURANCE PUBLIC HEARING FRIDAY, NOV 3

       The New York State Insurance Department will conduct on Friday, Nov. 3, 2006 a public hearing on the state’s title insurance industry practices. The hearing gets underway at 10 a.m. and will be held at the Insurance Department’s office in lower Manhattan, 25 Beaver Street—5th Floor. This follows a regulatory investigation of the industry, and will examine topics including:

• The cost to the title insurance company/title agents to perform the necessary searches of pertinent records compared with the premium rates charged;
• The premiums paid to title insurance companies, the commissions or fees paid to title agents/attorney agents and the effect such premiums, commissions and fees have on the overall cost to consumers;
• The rationale for the existence of two rate tiers within the state based on where a property is situated, and whether that current system should continue;
• The effect on the consumer of the current compensation structure, including affiliated business arrangements and referral fees; and
• Whether different rates should be charged for residential and commercial properties.

        For further information, contact Andy Mais, Public Affairs, New York State Insurance Department, 212-480-5262.

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