13672846, 69O-186.014 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 13672846

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

TITLE INSURANCE RATES

Overview

RULE:

69O-186.014

Title Insurance Statistical Gathering-Title Insurance Underwriters

PURPOSE:

Pursuant to Section 627.782, Florida Statutes, title insurance agencies and insurers licensed to do business in this state must maintain and submit certain information to the Office, including revenue, loss, and expense data. This statute authorizes rulemaking to collect and analyze such data from the title insurance industry. 
The current version of Rule 69O-186.013 implements the provisions of Section 627.782, Florida Statutes, by listing the types of information that shall be submitted to the Office by title insurance agencies and insurers.  The Office has proposed to strike the current language of the rule and to replace it with new language pertaining to Title Insurance Experience Reporting-Agents and Florida Retail Offices of Direct-Writing Title Insurance Underwriters. 
In addition the Office is proposing new Rule 69O-186.014 implementing the provisions of Section 627.782, Florida Statutes, by listing the types of information that shall be submitted to the Office by title insurance insurers only. The new Rule 69O-186.014 adopts a form, entitled “OIR-DO-2115 Title Insurance Experience Reporting-Underwriters”.  This form will be submitted to the Office electronically by title insurance insurers to comply with the reporting requirements of Section 627.782, Florida Statutes.  The statistical data collected will be used for the purpose of analyzing premium rates, retention rates, and the condition of the title insurance industry.

SUMMARY:

Whereas existing Rule 69O-186.013 was amended to specifically address the collection of data from agencies and Florida retail offices of direct writing title underwriters, This new rule 63O-186.014 will specifically address the collection of data from title insurance underwriters and will adopt a new form that underwriters will be required to complete on an annual basis.

RULEMAKING AUTHORITY:

624.308, FS.

LAW:

624.307(1), 627.782, FS.

PRINT PUBLISH DATE:

10/15/2013 Vol. 39/201

COMMENTS:

From 10/15/2013 To 11/5/2013 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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