17501242, 69O-186.010 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 17501242

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

TITLE INSURANCE RATES

Overview

RULE:

69O-186.010

Insurer's Assumption of Certain Liabilities (Repealed)

PURPOSE:

The purpose of this repeal is to remove an obsolete rule from the Administrative Code.  The effect to interested parties is minimal as a new form has already been approved for use by statute.

SUMMARY:

As part of the Office’s review of its title insurance rules, we are in the process of removing certain title insurance forms from the rules and approving them pursuant to Section 627.777, Florida Statutes. This statute gives the Office the authority to directly review and approve forms for use by title insurance underwriters and agents.  The American Land Title Association recently adopted a revised version of the Closing Protection Letter (CPL) which was filed with the Office for approval pursuant to Sections 627.777 and 627.786, Florida Statutes.  After review, the Office approved for use the newly drafted CPL pursuant to the aforementioned statutes.  As such, the rule that is subject to repeal is obsolete and should be removed from the Florida Administrative Code.

RULEMAKING AUTHORITY:

624.308, FS.

LAW:

624.307(1), 627.786, FS.

PRINT PUBLISH DATE:

5/5/2016 Vol. 42/88

COMMENTS:

From 5/5/2016 To 5/26/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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