(1) The commission may:
Propose, advise, and recommend rules subject to approval by the commissioner forthe implementation and administration of the business of title insurance;
Propose, advise, and recommend bulletins and position statements related to the business of title insurance for issuance upon the commissioner's approval;
Propose, advise, and recommend the establishment of additional consumer protections in statute or rule related to the misappropriation of funds, misuse of personal information, closing and settlement services, or other concerns. Additional consumer protections recommended by the commission shall be provided to the commissioner and included in the annual report of the commissioner on title insurance provided under section 10-3-207 (1)(f)(IV).
Following any judicial review under section 24-4-106, C.R.S., or after the expirationof any period for review or appeal of an enforcement or licensing action taken by the division against a title insurance company, title insurance agent, or title insurance agency, consult with the commissioner or the commissioner's designee regarding the final agency action taken by the division. The commission will be provided a copy of the final agency action documents at the quarterly meeting following the conclusion of the action and any judicial review or appeal.
Following any judicial review under section 24-4-106, C.R.S., or after the expirationof any period for review or appeal commenced as a result of a market conduct action taken by the division against a title insurance company or title insurance agency, consult with the commissioner or the commissioner's designee regarding the final agency action taken by the division. The commission will be provided a copy of the final agency order and the market conduct report at the quarterly meeting following the conclusion of the action and any judicial review or appeal.
At each quarterly meeting, the commission will be provided with a written summaryof the complaints investigated and closed by the division without action. The summary will include a brief description or categorization of the conduct alleged to be in violation of the law and why no action was taken.
The commissioner shall respond to the commission if the commissioner determinesnot to implement the proposal, advice, or recommendation of the commission under paragraphs (a) and (b) of subsection (1) of this section.
Source: L. 2015: Entire part added, (SB 15-210), ch. 292, p. 1192, § 2, effective August 5