18726061, 69B-186.010 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 18726061

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

Title Insurance

Overview

RULE:

69B-186.010

Unlawful Rebates and Inducements Related to Title Insurance Transactions

PURPOSE:

The existing rule is amended to conform with statute regarding unfair methods of competition and deceptive practices in the transaction of title insurance. The proposed rule clarifies that, except as otherwise permitted under paragraph 626.9541(1)(h), F.S., the reimbursement or reduction of any premium, costs, or fees in a contract for the placement of title insurance, or the provision of any non-specified benefit or valuable consideration that also serves as an inducement in the placement of title insurance, is an unlawful rebate. The proposed rule also revises the existing rule’s title to reflect the changes discussed above. The proposed rule is renumbered and includes additional technical changes.

SUMMARY:

The existing rule is amended to conform with paragraph 626.9541(1)(h), F.S., clarifying that the reimbursement of any premium, fees, or costs relating to title insurance transactions, or the provision of any non-specified valuable consideration or benefit that also serves as an inducement in the placement of title insurance, is an unlawful rebate.

RULEMAKING AUTHORITY:

624.308(1), 626.9611, FS.

LAW:

626.9521, 626.9541(1)(h), (m), FS.

PRINT PUBLISH DATE:

3/14/2017 Vol. 43/50

COMMENTS:

From 3/14/2017 To 4/4/2017 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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