Bill > S0758

This bill clarifies and revises the requirements for title insurers, which are companies that provide insurance against financial loss from defects in title to real property. It specifies that title insurers are responsible for all their unpaid losses and claims, and it details the reserves, or funds set aside, that these insurers must maintain. The bill outlines how these reserves will be released over time and establishes specific reserve amounts based on the insurer's financial surplus, with larger insurers (those with $50 million or more in surplus) having different requirements than smaller ones. It also addresses how reserves are handled when a title insurer moves its primary place of business (domicile) to Florida, stating that the laws of the insurer's former state will govern the reserve amount and release schedule for business written before the move, while new business after the move will follow Florida law. Additionally, the bill makes technical amendments to other sections of Florida law to align with these changes, particularly concerning how liabilities are considered when calculating an insurer's surplus.