Section 701.041(9), Florida Statutes, requires the Financial Services Commission to "adopt rules establishing an actuarially sound premium charge to be made for each certificate of release recorded pursuant to this section." This proposed rule ...

DEPARTMENT OF FINANCIAL SERVICES
OIR – Insurance Regulation

RULE NO: RULE TITLE
69O-186.017: Certificate of Mortgage Release
PURPOSE AND EFFECT: Section 701.041(9), Florida Statutes, requires the Financial Services Commission to "adopt rules establishing an actuarially sound premium charge to be made for each certificate of release recorded pursuant to this section." This proposed rule specifies the rates to be charged for certificates of mortgage release that are recorded in Florida, pursuant to Section 701.041, Florida Statutes.
SUMMARY: Section 701.041(9), Florida Statutes, requires the Financial Services Commission to "adopt rules establishing an actuarially sound premium charge to be made for each certificate of release recorded pursuant to this section." This proposed rule specifies the rates to be charged for certificates of mortgage release that are recorded in Florida, pursuant to Section 701.041, Florida Statutes.
SUMMARY OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
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.
SPECIFIC AUTHORITY: 701.041(9), FS.
LAW IMPLEMENTED: 701.041(9), 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):
TIME AND DATE: December 28, 2006 at 9:30 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: the person listed above. 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: Peggy Cheng, Property and Casualty Product Review, Office of Insurance Regulation, E-mail: [e-mail].

THE FULL TEXT OF THE PROPOSED RULE IS:

69O-186.017 Certificate of Mortgage Release.

There is no actuarially sound premium that may be charged for recording a certificate of mortgage release pursuant to Section 701.041, Florida Statutes.   However, a reasonable fee for actual work performed during the recording of the certificate of mortgage release, not to exceed twenty-five dollars, may be charged by title insurers in this state, as a related title insurance service charge.

Specific Authority 701.041(9),  FS.  Law Implemented 701.041(9) FS. History – New______________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Richard Koon, Director, Property and Casualty Product Review, Office of Insurance Regulation.
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Tom Streukens, Deputy Commissioner, Office of Insurance Regulation.
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 30, 2006
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: May 26, 2006