Idaho State Statutes - Idaho Attorney Directory

Title insurance premium
rates for the basic classification of policies and underwriting contracts
shall be those filed by a title insurer or a title insurance rating
organization with justification and approved by order of the director of the
department of insurance, or, those filed by the director of the department of
insurance with his justification therefor, hearing thereon and order of the
director, both as more particularly hereinafter set forth. The division of the
total premium between a title insurer and a title insurance agent shall be
filed by the title insurer, and the escrow, closing or settlement fees shall
be filed by the title insurer or agent as applicable and approved in the same
manner as title insurance premiums. The insurance premium rates on basic
classification of policies, said division of total premium and said escrow
fees shall be deemed fixed by the director of the department of insurance upon
the director's order approving the same (i) as filed and justified by a title
insurer, title insurance rating organization or title insurance agent, with or
without hearing, or (ii) following a hearing on the same as filed and
justified by the director of the department of insurance.
(1) Justification of title insurance rates proposed by a title insurer, a
title insurance rating organization, or the director of the department of
insurance shall be filed with any proposed change of rate, and the filing
shall be justified by:
(a) the experience or judgment of the title insurer or title insurance
rating organization or the director proposing the rates; or
(b) its interpretation of any statistical data relied upon; or
(c) the experience of other title insurers or title insurance rating
organizations; or
(d) any other factors which the title insurer or rating organization or
director deems relevant.
(2) Rates made hereunder shall not be excessive, nor inadequate for the
safety and soundness of the title insurer and title insurance agent, and shall
not be unfairly discriminatory, and shall be adopted giving due consideration
to:
(a) desirability of stability of rate structures;
(b) necessity of assuring the financial solvency of a title insurer and
title insurance agent in periods of economic depression by encouraging growth
in assets of title insurers and title insurance agents in periods of high
business and activity; and
(c) necessity for assuring a reasonable margin of underwriting profit
sufficient to induce capital to be invested therein.
(3) Every title insurer and every title insurance rating organization
shall adopt basic classifications of policies and contracts of title insurance
which shall be used as the basis for rates. Rates for each classification may,
at the discretion of the title insurer, or the title insurance rating
organization filing the rate, be less than the cost of the expense elements in
the case of smaller insurances, and the excess may be charged against larger
insurances without rendering the rate unfairly discriminatory.
(4) When the director finds upon application by a title insurer that any
rate for a particular kind or class of risk cannot practicably be filed before
it is used, or any contract or kind of title insurance, by reason of rarity or
peculiar circumstances, does not lend itself to advance determination and
filing of rates, he may, under such rules and regulations as he may prescribe,
permit such rate or contract or kind of title insurance to be used without a
previous notice and thirty (30) day waiting period.

Click here to visit the Official Idaho State Statutes