New
Georgia Title Insurance Rates
Make sure you stay LEGAL
Georgia
becomes FILE AND USE STATE for Title Insurance
Some of you may have used negotiated title insurance
rates on some of your files in the past on Georgia
loans. Under an agreement between the title insurance
underwriters and Georgia Insurance Commissioner, John
Oxendine, Georgia is now becoming a “file and
use” state.
As
a “file and use” state, each underwriter
is required to file it’s published rates with
the insurance commissioner. Agents ARE NOT allowed
to quote any rate OTHER THAN THE PUBLISHED RATE. (See
the following Georgia Code sections for further information:
O.C.G.A. §§ 33-6-5(5)(6)(B); 33-8-2; 33-8-4).
O.C.G.A.
§ 33-6-5(5)(6)(B) states:
No
person shall knowingly collect as premium or charge
for insurance any sum in excess of or less than the
premium or charge applicable to such insurance, which
sum is specified in the policy in accordance with
the applicable classifications and rates as filed
with and approved by the Commissioner.
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