South Carolina              
Administrative Law Court
Edgar A. Brown building 1205 Pendleton St., Suite 224 Columbia, SC 29201 Voice: (803) 734-0550

SC Administrative Law Court Decisions

CAPTION:
Investors Title Insurance Company vs. SCDOI

AGENCY:
South Carolina Department of Insurance

PARTIES:
Petitioners:
Investors Title Insurance Company

Respondents:
South Carolina Department of Insurance
 
DOCKET NUMBER:
96-ALJ-09-0074-CC

APPEARANCES:
Thomas C. Salane, Esquire for Petitioner

Gwendolyn L. Fuller, Esquire for Respondent
 

ORDERS:

ORDER AND DECISION

This matter comes before me upon the request of Investors Title Insurance Company ("Investors Title") for approval of its request for an overall +0.16 percent increase in title insurance premium rates. A hearing was held before me on April 23, 1996, resulting in the following findings of fact and conclusions of law.

FINDINGS OF FACT

I make the following findings of fact based upon the evidence presented, taking into consideration the burden on the Petitioner to establish its case by a preponderance of the evidence and based upon the credibility of the witnesses:

1. As evidenced by the filing materials and exhibits, Investors Title seeks to amend its current rates to allow for a charge of $25.00 for simultaneous issuance of an owner's policy and mortgagee's policy of title insurance and to allow for a maximum charge of $50.00, rather than the current charge of $15.00, for the issuance of an interim title insurance binder/commitment in advance of closing. Such charges are consistent with prevailing charges within the title insurance industry. The combined net effect of both changes produces an estimated overall +0.16 percent increase in premium level.

2. Investors Title's last increase in rates for this line and type of insurance was effective February 7, 1991. Written premiums in South Carolina for calendar year 1994, the most recent available calendar year, was $2,467,470.

3. The South Carolina Department of Insurance does not oppose the approval of the requested increase by Investors Title. Martin Simons, the Department's Deputy Director and Chief Casualty Actuary, testified that approval of the filing would produce rates which are not excessive, inadequate or unfairly discriminatory and in keeping with all statutory standards for such rates.

4. Notice of this hearing was published in five (5) newspapers of statewide circulation more than thirty (30) days in advance of the hearing. No member of the public responded to the notices or appeared at the hearing.

CONCLUSIONS OF LAW

1. The Administrative Law Division has jurisdiction of this matter by virtue of S.C. Code Ann. §§ 38-73-910 and 1-23-600(B) (Cum. Supp. 1995).

2. Due and proper notice of this hearing was given in accordance with the requirements of S.C. Code Ann. §38-73-910 (Cum. Supp. 1995).

3. The burden of proof imposed upon Investors Title in this hearing requires it to establish, by the preponderance of the evidence, that the title insurance rate revisions, if approved, would result in rates which are not excessive, inadequate or unfairly discriminatory. S.C. Code Ann. §38-73-10(a)(1) (Cum. Supp. 1995). Based upon the evidence and testimony presented at the hearing, that burden has been met and approval of the requested increase would produce rates which are neither excessive, inadequate nor unfairly discriminatory.

4. More than twelve (12) months has elapsed since the effective date of Investors Title's last increase for this line and type of insurance and no reason exists why approval of the filing cannot become effective immediately upon the entry of this Order.

NOW, THEREFORE, IT IS ORDERED, ADJUDGED AND DECREED that the filing request for a +0.16 percent increase in overall title insurance premiums by Investors Title Insurance Company should be, and hereby is, approved as filed, effective upon execution and entry of this Order.



___________________________

ALISON RENEE LEE

Administrative Law Judge







April ____, 1996

Columbia, South Carolina


Brown Bldg.

 

 

 

 

 

Copyright © 2024 South Carolina Administrative Law Court