3 Colo. Code Regs. § 702-8-1-1-6
Current through Register Vol. 48, No. 1, January 10, 2025
Section 3 CCR 702-8-1-1-6 - Rules Regarding Rates and FeesA. Every title insurance entity shall make readily available for review by the public its schedule of effective rates and fees for all issued title insurance policies and closing and settlement charges, including endorsements, guarantees and other forms of title insurance coverage. Either the schedule or a notice explaining the schedule's availability shall be displayed in a public place in the title insurance entity's offices. Copies of such schedules shall be furnished to the public upon request. The title insurance entity may impose a charge for copies of schedules, but such charges shall not exceed the actual cost per page of reproducing the schedules, and copies shall be provided within three (3) business days of receipt of a written request.B. All rate cards and schedules of effective rates and fees shall denote, in a clear and conspicuous manner, the title insurance company and/or agent that has filed the title insurance rates and fees shown and the effective date of these rates and fees.C. If justified, title insurance entities may place on file different rates and fees for title insurance policies and/or closing and settlement services in different counties, and shall include the effective date of the rates and fees in the schedule.D. A title insurance company may not use different rates for different title insurance entities for the same risk in the same county.E. Rates and fees shall not apply to title insurance commitments and/or policies or closing and settlement services ordered prior to the effective date of such rate or fee.F. No title insurance entity shall quote any rate or fee to any person which is more or less than what is currently available to others for the same type of title insurance policy or service for the same amount of insurance, insuring title to property in the same county, same risk and involving the same factors, and as set forth in its current schedule of rates and fees.G. No title insurance entity may charge a rate or fee unless it is on file with the Division and in effect at the time that the title insurance commitment and/or policy or closing and settlement service is ordered.H. Title insurance companies may charge additional rates when unusual conditions are encountered, special or unusual risks are insured against, and for special services rendered in connection with the issuance of a title insurance policy and/or closing and settlement services. If additional rates are charged, the title insurance companies shall, in their rate schedules, disclose the terms and conditions for imposing said additional rates.I. Any title insurance commitment charge must have a reasonable relation to the cost of production of the title insurance commitment and cannot be less than the minimum rate or fee for the type of policy to be issued, as set forth in the insurer's current schedule of rates and fees.J. Any fee charged for a vesting deed, instrument of public record, an insured closing letter, closing protection letter, or for additional information related thereto, must be the same for all persons and not charged on an unfairly discriminatory basis and must be filed with the Division.K. Every title insurance entity shall file with the Division a "Title Insurance Closing and Settlement Fee Filing Agency Fee Sheet for Consumers" form, which is found in Appendix B of this regulation, with each fee filing if the title insurance entity charges fees. The sheet will be posted to the Division's website for consumer use. L. Prohibited Practices The Division has determined that certain rating practices lead to excessive, inadequate or unfairly discriminatory rates and are unfair methods of competition and/or unfair or deceptive acts or practices in the business of insurance. Therefore, in accordance with § 10-3-1110(1), C.R.S., it is considered an unfairly discriminatory practice for a company to include, in any component of a rate, any amount intended to recover losses or expenses incurred in another state or jurisdiction due to any referendum, law or regulation which requires a general reduction in rates. This subsection shall not prohibit the use of national, regional or other industry data as a necessary and actuarially supportable supplement to Colorado data that is not fully credible.
38 CR 17, September 10, 2015, effective 10/1/201539 CR 14, July 25, 2016, effective 8/15/201640 CR 03, February 10, 2017, effective 3/15/201741 CR 12, June 25, 2018, effective 7/15/201842 CR 14, July 25, 2019, effective 8/15/201943 CR 14, July 25, 2020, effective 8/15/202045 CR 16, August 25, 2022, effective 9/14/2022