Bill > H951

This bill aims to reform title insurance in Massachusetts. The key provisions are: 1. Requiring title insurance companies to file quarterly statements, forms, and endorsements with the state insurance commissioner and attorney general detailing their rates. These filings must be publicly available. 2. Allowing insurance company groups to make the same filings and use the same rates for each insurer in the group. 3. Mandating written disclosures to buyers of title insurance policies, including the total costs, breakdown of premiums vs. commissions/fees, and informing buyers of their eligibility for reissue or refinance rates. 4. Entitling buyers to reissue rates if the property was previously insured within 15 years, and requiring continuity of coverage at no additional cost when refinancing through the same or a successor lender. 5. Establishing penalties of up to $500 per violation for insurance companies that fail to comply with the filing requirements or provide false/misleading information. The overall goal is to promote transparency and protect consumers in the title insurance market, particularly when refinancing a mortgage.

Business and Industry

https://malegislature.gov/Bills/193/H951