California Insurance Commissioner John Garamendi has announced a plan to reduce title insurance costs by $1 billion a year by forcing insurers and escrow firms to rollback costs and fees to March 2000 levels. Garamendi said that a lack of competition in the industry has hurt consumers. A study conducted last year by the Insurance Commission shows that three title insurers controlled 75 percent of the market. Garamendi’s reforms would force title insurers to reduce fees by 23 percent and escrow firms by 27 percent. The California Land Title Association, however, contends the proposed change would drive smaller companies out of business. The group also calls the commissioner’s report flawed because it was prepared by an out of state consultant hired by Garamendi under a no-bid contract.