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Showing posts from July 5, 2009

New Mexico Superintendent of Insurance Rules New Mexico Title Insurance Rates to Increase 10.7 Percent Effective

HOUSTON, Jul 01, 2009 (BUSINESS WIRE) -- The New Mexico Superintendent of Insurance announced June 30, 2009, that effective August 1, 2009, real estate title insurance premiums would rise by 10.7 percent overall. Additionally, the remittance rates from title agencies to underwriters increased from 19 percent to 20 percent for residential properties. A new rate schedule has yet to be released. This ruling was based on findings of pre-filed testimony, direct testimony, facts of law and a rate hearing held in November 2008 and a final information hearing in the first week of June 2009. Testimony was received from consumer, regulatory and industry sources, and the New Mexico Attorney General's Office on behalf of consumers. The findings stated, "The Superintendent has the responsibility to promulgate the premium rates of title insurers and title insurance agents for title insurance poli…