(a) Every title insurance company shall file with the commissioner its schedules of rates and every modification of any rate that it proposes to use in this state. The schedule of rates and every modification of rates shall be filed by a rating organization meeting the qualifications set forth in § 56-35-132 unless an insurer files its own rates.
Terms Used In Tennessee Code 56-35-111
Commissioner: means the commissioner of commerce and insurance, and includes all deputies legally appointed and constituted to act in the commissioner's place and stead by other applicable law of the state. See Tennessee Code 56-35-102
Contract: A legal written agreement that becomes binding when signed.
Person: means an individual, firm, association, partnership, estate, trust, fiduciary, syndicate or corporation. See Tennessee Code 56-35-102
Policy: means any instrument, contract or agreement whereby and whereunder title insurance companies insure or guarantee titles to real property, or interests therein, or liens or encumbrances on the property, as defined in subdivision (11). See Tennessee Code 56-35-102
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
Title insurance company: means any corporation, foreign or domestic, authorized by its charter to conduct a "title insurance business" as defined by this chapter and is sometimes referred to as "insurer" or "insurers. See Tennessee Code 56-35-102
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) No title insurance company, agency, or agent shall charge any rate for any policy or contract of title insurance except in accordance with filings or rates that are in effect for the title insurance company as provided in this part.(c) The filing shall state the proposed effective date of rates, shall indicate the character and extent of the coverage contemplated, and shall be in the manner, form and detail as may be prescribed by the commissioner.(d)(1) The commissioner shall within sixty (60) days after the receipt of any filing disapprove any rate the commissioner determines to be unfair, unjust or unfairly discriminatory.(2) Any rate filed may be used or charged after the expiration of sixty (60) days from the date it has been so filed, unless the commissioner has issued notice of the commissioner’s prior written disapproval thereto within that period.(3) The notice of written disapproval shall specify the reasons therefor and shall state that a hearing will be granted within twenty (20) days after request in writing by the insurer or rating organization. In the conduct of the hearing, the commissioner or any regularly salaried employee specially designated by the commissioner for such purpose has the power to administer oaths, to require the appearance of and examine any person under oath, and to require the production of books, records or papers relevant to the inquiry upon the commissioner’s or other employee’s own initiative or upon the request of any interested insurer or rating organization.
