A title insurance organization testified today that the California Insurance Department's proposed regulations for a cap on its members' rates will harm small companies.
The California Land and Title Association urged the department at hearing in San Francisco to drop the rules saying they would "devastate small title companies at a time when the cyclical nature of the real estate market is already softening."
Last month Insurance Commissioner John Garamendi proposed the new regulations that he said could lower the amount state residents pay to title insurers by $1 billion.
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