S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9023
 
                           I N  A S S E M B L Y
 
                             January 10, 2020
                                ___________
 
 Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
   tee on Insurance
 
 AN ACT in relation to establishing a temporary task force to examine and
   make recommendations upon the establishment of a public  title  insur-
   ance  carrier;  and  to provide for the repeal of such provisions upon
   the expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  There  is  hereby  established,  within the department of
 financial services, a temporary task force to examine and make recommen-
 dations upon the establishment of a public title insurance carrier ("the
 task force"). The task force shall consist of nine members who shall  be
 appointed as follows:
   a.  the  superintendent of the department of financial services or his
 or her designee;
   b. four members to be appointed by the governor;
   c. two members to be appointed  by  the  temporary  president  of  the
 senate; and
   d. two members to be appointed by the speaker of the assembly.
   § 2. No member of the task force shall be a current or former employee
 of the title insurance industry.
   §  3.  Task  force  members  shall  receive  no compensation for their
 services but shall be  reimbursed  for  actual  and  necessary  expenses
 incurred in the performance of their duties.
   §  4. The chairperson of the task force shall be the superintendent of
 the department of financial services or his or her  designee.  The  task
 force shall meet at the call of the chairperson.
   §  5.  Any  vacancies  on the task force shall be filled in the manner
 provided for in the initial appointment.
   § 6. The task force shall be authorized to hold  public  hearings  and
 meetings to enable it to accomplish its duties.
   §  7. The task force shall consult with relevant stakeholders, includ-
 ing the title insurance industry, consumer  advocacy  groups,  the  real
 estate  industry,  and  any other organization, educational institution,

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD13832-02-9

 A. 9023                             2
 
 government entity or agency or person the task force deems necessary  in
 the  development  of  its  report  required  by  subdivision ten of this
 section.
   § 8. The department of financial services shall provide the task force
 with  such facilities, assistance and data as will enable the task force
 to carry out its powers and duties. Additionally, all other agencies  of
 the  state  or  subdivisions  thereof  may, at the request of the chair-
 person, provide the task force with such facilities, assistance and data
 as will enable the task force to carry out its powers and duties.
   § 9. The purpose of the task force shall be to examine and make recom-
 mendations on issues including but not limited to:
   a. the establishment of a public title  insurance  carrier,  including
 but not limited to:
   i. the structure and administration of public title insurance carriers
 in other jurisdictions, including Iowa;
   ii.  the  impact the establishment of a public title insurance carrier
 would have on lenders and  consumers,  including  the  impact  on  title
 insurance premium rates;
   iii.  the impact the establishment of a public title insurance carrier
 would have on the current title insurance industry in the state;
   iv. whether such public title insurance carrier should offer  coverage
 for residential real estate, commercial real estate, or both;
   v. the cost to the state of establishing such a public title insurance
 carrier; and
   vi.  whether  such  public  title insurance carrier should be the only
 title insurance carrier authorized to do business in the state;
   b. an analysis of the title insurance  industry  in  New  York  State,
 including but not limited to:
   i. current laws and regulations within this state addressing the title
 insurance industry;
   ii. an analysis of title insurance premium rates in the state; and
   iii. an analysis of the claim rates of title insurance policies in the
 state.
   § 10. No later than one year after the effective date of this section,
 the  task  force shall transmit to the governor, the temporary president
 of the senate and the speaker of the assembly a report on its  findings,
 including any recommendations for legislation or regulations.
   §  11.  This act shall take effect immediately and shall expire and be
 deemed repealed sixty days after transmission of the report of the find-
 ings of the task force to the governor, the temporary president  of  the
 senate  and  the  speaker of the assembly, as provided in section ten of
 this act. Provided, however, that the commissioner of the department  of
 financial services shall notify the legislative bill drafting commission
 upon  the  transmission of the report of the findings of the task force,
 as provided in section ten of this act, in order that the commission may
 maintain an accurate and timely effective data base of the official text
 of the laws of the state of New York in furtherance of effectuating  the
 provisions  of section 44 of the legislative law and section 70-b of the
 public officers law.