A title insurance organization testified today that the California Insurance Department's proposed regulations for a cap on its members' rates will harm small companies.

The California Land and Title Association urged the department at hearing in San Francisco to drop the rules saying they would "devastate small title companies at a time when the cyclical nature of the real estate market is already softening."

Last month Insurance Commissioner John Garamendi proposed the new regulations that he said could lower the amount state residents pay to title insurers by $1 billion.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.