Examination counsel (EC) fees, where title insurers pay real estate lawyers a rebate on the client’s premium in a home or condo purchase, are illegal, are driving down legal fees and pushing up insurance premiums and could become a potent argument against self-regulation, says Tim Hyde, a lawyer and former insurance executive.
Called to the bar in 1987, Hyde spent much of his career in the insurance industry. From 1993 to 1999, he was vice president and chief title underwriter for Canada at First American Title Insurance Company. He left to become president and COO at LandCanada, the predecessor to Chicago Title Canada and Fidelity National Financial. From 2006 to 2009, he was director of business development at First Canadian Title.
