WeVote
Log In

Bill

Bill

A 362

Authorizes superintendent of financial services to conduct a study and make recommendations on title insurance premium rates in New York state

2025 Regular Session Introduced by David Weprin

New York's DFS will study title insurance premium rates and issue recommendations, aiming to inform future policy and transparency for insurers and consumers.

REFERRED TO INSURANCE
0
WeVote Research Nonpartisan
Bill Summary · A 362

Summary of New York Assembly Bill A 362

Overview

  • Bill Number: A 362
  • Title: Authorizes superintendent of financial services to conduct a study and make recommendations on title insurance premium rates in New York state
  • Sponsor (principal): David Weprin
  • Status: REFERRED TO INSURANCE
  • Introduced: January 8, 2025
  • Classification: Bill
  • Related action: 2025-01-08: Referred to Insurance (listed twice in the actions)

Purpose and Intent

  • The bill authorizes the New York State Department of Financial Services (the superintendent) to undertake a study focused on title insurance premium rates in New York.
  • The objective is to examine current premium rates and related factors and to develop recommendations regarding title insurance premium rates in the state. This suggests an emphasis on data-driven assessment and potential regulatory or policy considerations stemming from the study.

Key Provisions (as indicated by the bill name and summary)

  • Authorization for the Superintendent of Financial Services to conduct a comprehensive study of title insurance premium rates in New York State.
  • Authority to make recommendations on title insurance premium rates based on the study findings.
  • The text provided does not specify:
    • Scope details (e.g., which components of premiums are analyzed, geographic coverage, or comparison benchmarks)
    • Reporting requirements (e.g., form of the final report, deadline for completion)
    • Next steps or regulatory/policy actions resulting from the recommendations
    • Any funding or staffing allocations for conducting the study

Note: The precise language of the bill would clarify the scope, reporting timeline, and how the recommendations would be transmitted (e.g., to the legislature, Governor, or other agencies). Those details are not included in the information provided.

Who Would Be Affected

  • Primary: Title insurers operating in New York State and the broader title insurance market.
  • Secondary: Consumers seeking title insurance, mortgage lenders, real estate professionals who rely on title insurance, and potentially other stakeholders in the housing and real estate sectors.
  • State Agency: New York Department of Financial Services (DFS), specifically the Superintendent, who would lead the study.

Procedural and Timeline Aspects

  • The bill has been introduced and referred to the Assembly Committee on Insurance.
  • No listed reporting deadline or implementation timeline in the provided information.
  • No enacted regulatory changes or effective dates are specified; the bill appears to initiate a study rather than immediately alter rates or consumer protections.
  • Related bills from prior sessions (A 2931, A 736, A 2016, A 9452, A 5456, A 4224, A 8906, A 413) indicate ongoing interest in title insurance rate considerations in New York, though those are from prior sessions and their current status is not provided here.

Potential Impacts and Considerations

  • If the study yields actionable recommendations, it could influence future legislation or regulatory actions regarding title insurance premiums.
  • The initiative may enhance transparency around how title insurance rates are set and could inform consumer protection discussions.
  • The bill could impose data collection or analysis requirements on DFS, with associated staffing or funding implications (not specified in the available text).
  • As currently drafted (based on available information), the bill does not immediately alter premium rates or create new regulatory controls; it initiates a formal study and set of recommendations.

Next Steps for Readers

  • Monitor the bill’s progress through the Insurance committee and floor votes.
  • Review the full bill text when available to understand scoping, reporting deadlines, and the recipients of any recommendations.
  • Consider related prior-session bills for context on how NY lawmakers have approached title insurance rate issues historically.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.