HBA-ATS S.B. 91 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 91 By: Harris Insurance 3/10/1999 Engrossed BACKGROUND AND PURPOSE The Texas Title Insurance Guaranty Act (Article 9.48, Insurance Code) requires all title insurance companies licensed in Texas to be members of the Texas Title Insurance Guaranty Association (association). The association exists to cover claims against failed title insurance companies and escrow shortages by licensed title agents. To detect and prevent insurer insolvencies, Texas law requires the association, if requested by the commissioner of insurance, to audit and review title insurance agent escrow and trust accounts, financial condition, and compliance with statutes and rules. Current law does not provide for the audit and review of accounts maintained by a title insurance company. S.B. 91 includes insurer escrow and trust accounts among the accounts that a person employed by the Texas Title Insurance Guaranty Association may audit and review at the request of the commission. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Subsection (c), Section 14, Article 9.48, Insurance Code, to include insurer escrow and trust accounts among the accounts that a person employed by the Texas Title Insurance Guaranty Association, on the request of the commissioner of insurance, audits and reviews. Makes a nonsubstantive change. SECTION 2. Effective date: September 1, 1999. SECTION 3. Emergency clause.