Bill > S0570

This bill makes several changes to Florida's laws concerning title insurance, aiming to clarify liabilities, reserve requirements, and agent licensing. It specifies that a title insurer is responsible for all its unpaid losses and claims, and it outlines which state law governs the reserve amount when a title insurer moves its domicile to Florida. The bill also clarifies that only licensed and appointed agents or agencies are authorized to sell title insurance, revises the application process for title insurance agency licenses, and limits the types of legal actions that can be taken for breaches of title insurance contracts. Additionally, it adjusts the requirements for title insurance reserves, particularly for insurers with varying levels of surplus, and modifies the release schedules for these reserves. The bill also updates provisions related to the names title insurance agencies can use and clarifies the experience and education requirements for title insurance agents, while also detailing exemptions for attorneys and corporate officers. Finally, it adjusts the deadlines for submitting industry data to the office and modifies the retention period for evidence of title searches.