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SANTA FE — Attorney General Gary King says the cost of title insurance is too high and has asked state regulators to postpone an upcoming rate hearing.

King filed a request Thursday with the Public Regulation Commission to delay by three months a hearing planned in mid-November for establishing new title insurance rates.

King asked Insurance Superintendent Morris Chavez to use the time to gather additional information from the industry about its expenses.

"New Mexico consumers pay too much for title insurance, because of marketing expenses from title companies to real estate agents, mortgage brokers, lenders and developers to steer consumers to their particular company," King said.

"Each year, the Insurance Division holds a hearing where nearly all these huge marketing expenditures are loaded into the rates. That must stop and title insurance rates should come down to a reasonable level."

In July, Chavez ordered a 6.3 percent reduction in title insurance rates. The lower rates were to go into effect in September but have been put on hold, pending a legal challenge brought by the title insurance industry.

The state's price-regulated title insurance system has come under criticism recently.

Think New Mexico, an independent think tank based in Santa Fe, issued a report estimating that the costs of title insurance could drop by 30 percent - saving home buyers $40 million a year - if the market determined prices rather than regulators.

The group wants Gov. Bill Richardson to put title insurance reform measures on the agenda of next year's legislative session.

A group of Santa Fe area homeowners has filed a lawsuit alleging regulators allow insurers to engage in price fixing in violation of anti-monopoly provisions in the state constitution.