In Texas, title insurance remains highly regulated. While other states have moved toward deregulation, Texas has not. By law, policy forms are standardized; meaning the language of the policy is the same regardless of the title company issuing the policy. In addition, the premiums charged are set by the Texas Department of Insurance (TDI) and title insurers cannot legally compete on price. The current rates set by TDI are available by clicking here.
All changes to policy forms, regulations, and title insurance rates must pass through a public hearing process before the Commissioner of Insurance where consumers and the Public Insurance Counsel can raise objections or make comments. OPIC takes this process very seriously and has pushed for, and achieved, significant reductions in title insurance rates as well as changes to policy language that benefit consumers.
All title agents in Texas are licensed by the state and are subject to audit by TDI. This is important since title agents frequently serve as escrow officers during real estate transactions. Both agents and title companies are subject to extensive state reporting requirements related to their finances. Should a title agent or company become insolvent, the Texas Title Insurance Guaranty Association assumes responsibility for any outstanding claims.