New title insurance regulations in New Mexico that were supposed to go into effect July 1st will finally be put in place on October 1st, the state's insurance regulator said Friday.
State Insurance Superintendent John Franchini attributed the delay to extra time needed to get the new rules formatted and printed, which was originally supposed to be completed by June 29th. The new deadline for the final order is September 15th.
The changes, approved in regulatory hearings held last November, include a 2.5% increase in the title insurance rate, and an increase in the commitment fee from $50 to $100.
The final order will be published on the New Mexico Prublic Regulation Division of Insurance web site, http://www.nmprc.state.nm.us/insurance/index.html