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 ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-186.014Title Insurance Statistical Gathering-Title Insurance Underwriters

PURPOSE AND EFFECT: 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.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase, directly or indirectly, regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency has determined that this will not have an adverse impact on small business nor likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 624.308 FS.

LAW IMPLEMENTED: 624.307(1), 627.782 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: November 6, 2013, 10:00 a.m.

PLACE: 116 Larson Building, 200 East Gaines Street, Tallahassee, Florida

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Peter Rice, Office of Insurance Regulation, E-mail: [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Peter Rice, Office of Insurance Regulation, E-mail: [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

69O-186.014 Title Insurance Statistical Gathering-Title Insurance Underwriters.

(1) By the day designated in 627.782(8), F.S. of 2015 and the same day of each year after 2015, title insurance underwriters must electronically submit statistical data to the Office. The submittal shall be accomplished by electronically completing OIR form, OIR-DO-2115, “Title Insurance Experience Reporting – Title Insurance Underwriters”(New 8-13), which is adopted and incorporated herein by reference. This form may be obtained from the Office's web site located at http://www.floir.com/.

(2) OIR form OIR-DO-2115, “Title Insurance Experience Reporting – Title Insurance Underwriters”(New 8-13), shall be completed by title insurance underwriters in accordance with the instructions for each submittal year. The initial submittal shall reflect data for the prior five years ending December 31, 2014. For each year after 2014, the submittal shall, in addition to the data for the current year, include an affidavit re-certifying the accuracy and completeness of the prior four years’ data. If significant changes have been discovered in the data submitted in any of the four prior years, a corrected submittal shall be made for that year. Pursuant to s. 627.782, F.S., the statistical data is collected for the purposes of analyzing premium rates, retention rates, and the condition of the title insurance industry.

(3) OIR form OIR-DO-2115, “Title Insurance Experience Reporting – Title Insurance Underwriters”(New 8-13), shall be submitted electronically. All submittals shall be submitted to the Office at https://iportal.fldfs.com, the industry portal to the Office’s I-File System, as a data filing. A filing shall be considered received by the Office when its arrival in the Office is shown electronically to be on business days between the hours of 8:00 a.m. and 5:00 p.m. eastern standard time. Filings received after 5:00 p.m. shall be considered to be received the next business day.

Rulemaking Authority 624.308, 627.782 FS. Law Implemented 624.307(1), 627.782 FS. History–New, _____________________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Peter Rice, Office of Insurance Regulation, E-mail: [e-mail]

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: The Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 10, 2013

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 25, 2013