COMMISSION TO STUDY THE TITLE INSURANCE INDUSTRY IN MARYLAND

525 St. Paul Place, Baltimore, Maryland, December 2006. Photo by Diane F. Evartt.

Appointed by Governor: one vacancy

Appointed by Senate President: Jennie M. Forehand; Delores G. Kelley; Douglas J. J. Peters.

Appointed by House Speaker: Warren E. Miller; Doyle L. Niemann; David D. Rudolph.

Representing Maryland Land Title Association: Nathan Finkelstein, Esq.; Theodore C. Rogers.

Representing Maryland Coalition of Title Insurers: Joseph G. Blume, Jr.

Representing Maryland Association of Mortgage Brokers: James E. Clements

Representing Maryland Mortgage Bankers Association: Thomas J. Drechsler, Esq.

Representing Maryland Bankers Association: Gregory C. Cockerham

Representing Maryland State Builders Association: David M. Kochanski

Representing Maryland State Bar Association: Patrick M. Martyn; J. Paul Rieger, Jr.

Ex officio: Stuart J. Cordish, designee of Attorney General; Elizabeth P. Sammis, Interim Maryland Insurance Commissioner; Vicki Schultz, designee of Commissioner of Financial Regulation; Elizabeth Hartley Trimble, designee of Executive Director, State Real Estate Commission; Linda L. Rose, designee of Chair, Maryland Affordable Housing Trust.

Staff: Tinna D. Quigley

• Report, February 2010

In July 2008, the Commission to Study the Title Insurance Industry in Maryland was formed (Chapters 356 & 357, Acts of 2008). The Commission was to recommend any needed changes to Maryland's laws pertaining to the title insurance industry. After reviewing existing State laws and how effectively they are enforced, the Commission examined rate-setting factors for title insurance premiums and how rates and services in Maryland compared to those in other states using a different system. Further, the Commission identified what issues in the title insurance industry most affected Maryland consumers; and how to better educate Maryland consumers about the title insurance industry. To determine their impact on title insurance rates, the Commission also studied arrangements among businesses involved in the settlement of real estate transactions, as well as other issues which significantly affected the title insurance industry.

Further, the Commission examined whether the blanket surety bond or letter of credit was adequate protection for consumers who suffered a loss from conversion or misappropriation of money received or held in trust or escrow by a title insurance producer. If the Commission determined that the blanket surety bond or letter of credit was not adequate, the Commission evaluated the impact of an increase on title insurance producers (Chapter 361, Acts of 2009).

Authorization for the Commission ended June 30, 2010.

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