(1) There is hereby created in the division the title insurance commission. The commission is an advisory body to the commissioner concerning matters of title insurance. Nothing in this section divests the commissioner of his or her authority to regulate the business of insurance.
(2) (a) The commission consists of nine members appointed by the governor as follows:
(I) Three members shall be employees of title insurance companies with the following qualifications:
Each shall be a licensed employee of a title insurance company with not less thanfive years' experience in title insurance business;
At least one shall be a representative of a title insurance company that has net admitted assets of five hundred million dollars or more; and
At least one shall be a representative of a title insurance company that has net admitted assets of less than five hundred million dollars.
(II) Three members shall be employees of a title insurance agent with the following qualifications:
Each shall be a resident licensed title insurance agent with not less than five years'experience in title insurance business in Colorado; and
To the greatest extent possible the commission shall reflect the geographic diversityof the state and have representation from members who reside or have their principal place of business within a standard metropolitan statistical area and members who reside or whose principal place of business is outside a standard metropolitan statistical area.
(III) Three members shall represent the public at large, shall be residents of Colorado, and shall not be engaged in the business of title insurance. At least one of the three public at large members shall reside outside a standard metropolitan statistical area.
No more than one member of the commission may be appointed from a single company or an affiliate or subsidiary of a company.
(I) In order to ensure staggered terms, one member appointed under subparagraph (I) of paragraph (a) of this subsection (2), one member appointed under subparagraph (II) of paragraph (a) of this subsection (2), and two members appointed under subparagraph (III) of paragraph (a) of this subsection (2) shall be appointed for a term of two years and the remaining appointees shall serve for a term of four years. Thereafter, the terms of the members shall be for four years with a maximum of two consecutive terms.
(II) If a commission member's employment or license status changes during the member's term so that the member is no longer qualified to serve on the commission, or upon the death, resignation, removal, or incapacity of any member of the commission, the governor shall appoint a member to fill out the unexpired term. The members of the commission serve at the pleasure of the governor.
Members of the commission are not employees of the division and shall not receivecompensation for service on the commission; except that a member may be reimbursed for mileage in excess of fifty miles from their principal place of business or residence to attend commission meetings.
Members of the commission shall annually select one member to serve as chair.
The chair of the commission may call meetings as necessary and may call additionalmeetings:
At the chair's discretion;
Upon request of the commissioner; or
Upon the written request of three or more members.
The commission shall meet no less than four times per year and may meet no morethan eight times per year.
Six members shall constitute a quorum for the transaction of business. The action ofa majority of the members when a quorum is present is the action of the commission.
The division shall aid in the administration of the commission. The division mayincrease expenditures by no more than fifty thousand dollars for this purpose, but may direct existing appropriations available to the division pursuant to section 10-3-207 (1)(f)(I) to contribute to the implementation of the commission.
All meetings of the commission shall be open to the public pursuant to part 4 ofarticle 6 of title 24, C.R.S. The records of the commission and its members shall be subject to the requirements of part 2 of article 72 of title 24, C.R.S.
Source: L. 2015: Entire part added, (SB 15-210), ch. 292, p. 1191, § 2, effective August 5.