The form “Title Insurance Experience Reporting – Title Insurance Underwriters” has been revised and the rule has been updated.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

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

PURPOSE AND EFFECT: The form “Title Insurance Experience Reporting – Title Insurance Underwriters” has been revised and the rule has been updated.

SUMMARY: The amendments to the rule remove obsolete directions for filing the form in 2015 using data from calendar year 2014. In addition, it incorporates the latest version of form “Title Insurance Statistical Gathering-Title Insurance Underwriters” and is now comprised of three forms The forms revise schedule P, includes fewer additional worksheets, and is streamlined to be easier to understand and make reporting easier for the insurers. The manner for submission of the forms by companies has been revised.

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: Agency personnel familiar with the subject matter of the rule amendment have performed an economic analysis of the rule amendment that shows that the rule amendment is unlikely to have an adverse impact on the State economy in excess of the criteria established in Section 120.541(2)(a), Florida Statutes.

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), 624.424, 627.782, FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Kama Monroe, Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

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

(1) The following forms are hereby incorporated by reference and may be obtained from the Office’s web site located at http://www.floir.com/iportal:

(a) Form OIR-D0-2115 “Title Insurance Underwriter’s Data Call – Part I,” effective 1/23, which is available at www.flrules.org/XXXXX;

(b) Form OIR-D0-0050 “Title Insurance Underwriter’s Data Call – Part II,” effective 1/23, which is available at www.flrules.org/XXXXX; and

(c) Form OIR-D0-0051 “Title Insurance Underwriter’s Data Call – Part III Schedule P – Part 1 Summary,” effective 1/23, which is available at www.flrules.org/XXXXX.

(2)(1) By May 31 of each year, the day designated in section 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, Forms OIR-D0-2115, OIR-D0-0050, and OIR-D0-0051. OIR-DO-2115 (New 01/14), “Title Insurance Experience Reporting – Title Insurance Underwriters,” http://www.flrules.org/Gateway/reference.asp?No=Ref-03462, as adopted and incorporated by this reference, which may be obtained from the Office’s web site located at http://www.floir.com/iportal.

(3)(2) Forms OIR-D0-2115, OIR-D0-0050, and OIR-D0-0051 OIR form OIR-DO-2115 (New 01/14), “Title Insurance Experience Reporting – Title Insurance Underwriters,” 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. OIR form OIR-DO-2115 (New 01/14) shall be complete by utilizing the following document, which is hereby adopted and by reference:

ALTA Uniform Financial Reporting Plan of March, 1978, which may be obtained from the Office’s web site located at http://www.floir.com/iportal.

Pursuant to section 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.

(4)(3) All submittals shall be submitted to the Office’s Insurance Regulatory Filing System (IRFS) at https://irfs.fldfs.com Office at http://www.floir.com/iportal, 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, 627.798  FS. Law Implemented 624.307(1), 624.424, 627.782 FS. History–New 1-19-14. Amended ______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jeff Joseph, Assistant General Counsel

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 18, 2023

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 24, 2023