Our consultants have assisted on Title insurance examinations in several states. Given the nature of this product, statutory reserving guidelines often apply to testing carried reserves, rather than actuarial estimates of required reserves. Therefore, the focus of our assistance on Title examinations is more weighted toward compliance than is the case with property and casualty companies or HMOs.
We have also reviewed Title insurance rate filings in several states, including more than 15 rate filings for the Maryland Insurance Administration in recent years. These projects have also involved working closely with the MIA to address a variety of Title-related issues in that state.
We have also assisted the Oregon Insurance Department, as a subcontractor to Dixon Hughes Goodman LLP, in its examination of the rates proposed by the Title Insurance Advisory Organization of Oregon.
In addition to our Title examination and rate filings review experience, our consultants have experience analyzing similar products. We have provided rate work that includes assisting with the setting of statewide maximum rates for insurance products where, similar to Title insurance, the product’s price is not driven by competitive market pressures or the relationship between losses and premium.
For example, we assisted the Alabama Department of Insurance in the setting of maximum rates for property credit products and involuntary unemployment products. Our work included the analysis of industry loss and expense data, the review of the agency agreements, and the review of commission and “service” arrangements with producers (and financial institutions). We participated in the development of the resulting rules and regulations related to these products.