IL: legislation to shift oversight of title insurance industry
Illinois Senate Bill 2648 proposes transferring regulatory oversight of the title insurance industry from the Department of Financial and Professional Regulation (IDFPR) to the Department of Insurance (DOI). This shift would consolidate responsibilities such as licensing, audits, escrow oversight, and enforcement under the DOI. Existing IDFPR rules would become DOI rules, and revenues from title insurance activities would be redirected to the Insurance Financial Regulation Fund. The bill also includes moving oversight of the predatory lending database from IDFPR to DOI. The legislation aims to streamline regulatory processes and align title insurance oversight with broader DOI practices. If enacted, the bill would take immediate effect upon gubernatorial approval.