Section 26-A4103. RATE MAKING STANDARDS

 

4103.1All title insurance rates shall be made in accordance with this section.

 

4103.2Rates shall be reasonable and adequate for the class of risks to which they apply.

 

4103.3Rates may not discriminate unfairly between risks that involve essentially the same hazards and expense elements.

 

4103.4Due consideration shall be given to:

(a) Past and prospective loss experience within and outside the District;

(b) A reasonable margin for profit and contingencies;

(c) The cost of participating insurance;

(d) The percentage to be allocated to reserve;

(e) Past and prospective operating expenses; and

(f) All other relevant factors fairly attributable to the business of title insurance within and outside of the District.

 

4103.5Guarantees may be grouped by classifications for the establishment of rates and

minimum premiums.

 

4103.6A special or unusual guarantee that is more hazardous to the title insurer than

ordinary title guarantees because of an alleged irregularity or a difference in

interpretation or application of law that might affect marketability of title, may be

classified individually and separately according to the circumstances peculiar to

each case.

 

authority

The Acting Commissioner of the Department of Insurance, Securities and Banking, pursuant to the authority set forth in section 2164 of the Fiscal Year 2011 Budget Support Act of 2010, effective September 24, 2010 (D.C. Law 18-223; 57 DCR 6242) (“Title Insurance Insurer Act of 2010”).

source

Notice of Emergency and Proposed Rulemaking published at 57 DCR 12276 (December 24, 2010)[EXPIRED]; as amended by Notice of Final Rulemaking published at 58 DCR 2487, 2488 (March 18, 2011).