13672264, 69O-186.013 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 13672264

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

TITLE INSURANCE RATES

Overview

RULE:

69O-186.013

Title Insurance Statistical Gathering: Licensed Agencies and Florida Retail Officers of Direct-Writing 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 is proposing to strike the current language of the rule and to replace it with new language that adopts a form, entitled “OIR-EO-2087 Title Insurance Experience Reporting-Agents and Florida Retail Offices of Direct-Writing Title Insurance Underwriters”.  This form will be submitted to the Office electronically by title insurance agencies and Florida retail offices of direct writing title 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:

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 both title insurance agencies and insurers. The amended rule 69O-186.013 will apply specifically to title insurance agencies and Florida retail offices of direct writing title underwriters.  The amended rule adopts by reference the form that those entities will need to complete on an annual basis.  The Office is concurrently adopting a new rule 69O-186.014, that will apply specifically to the collection of information required by Section 627.782, Florida Statutes from title insurance underwriters only.

RULEMAKING AUTHORITY:

624.308, FS.

LAW:

624.307(1), 637.782, 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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