The Office initiated a data call in 2014 regarding the collection of data for the adoption of title insurance rates pursuant to Sections 624.307 and 627.782, FS, and Chapter 69O-186.013-14, FAC. The Office is amending the type of data it collects ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-186.013Title Insurance Statistical Gathering: Licensed Agencies and Florida Retail Officers of Direct-Writing Title Insurance Underwriters

PURPOSE AND EFFECT: The Office initiated a data call in 2014 regarding the collection of data for the adoption of title insurance rates pursuant to Sections 624.307 and 627.782, FS, and Chapter 69O-186.013-14, FAC. The Office is amending the type of data it collects from title insurance agencies to allow the Office to comply with Section 627.782, FS.

SUMMARY: The Office is amending 69O-186.013, FAC, to update the type of data collected from title insurance agencies to allow the Office to comply with Section 627.782, FS.

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(1), 627.782(8) FS.

LAW IMPLEMENTED: 624.307(1), 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: Michael Lawrence, Jr., Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

Substantial rewording of Rule 69O-186.013, F.A.C. follows.  See Florida Administrative Code for present text.

 

69O-186.013 Title Insurance Statistical Gathering: Licensed Agencies and Florida Retail Officers of Direct-Writing Title Insurance Underwriters

On or before May 31 of each year, each licensed title insurance agency and Florida retail offices of direct-writing title insurance underwriters shall submit Form OIR-E0-2087, “Title Insurance Experience Reporting – Agents and Retail Offices of Direct-Writing Title Insurance Underwriters,” effective 10/19, hereby incorporated by reference and available at www.flrules.org/XXXXX.  The filing shall be submitted electronically at https://irfs.fldfs.com/.

Rulemaking Authority 624.308(1), 627.782(8) FS. Law Implemented 624.307(1), 627.782 FS. History–New 2-13-95, Formerly 4-186.013, Amended 6-13-14, ____________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Lawrence, Jr., Assistant General Counsel.

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 3, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: November 2, 2018