Bill > H0805

This bill revises how title insurers calculate and maintain financial reserves, which are funds set aside to cover potential future claims and obligations. It specifies new requirements for title insurers regarding the estimation of unpaid losses and claims, and introduces different reserve calculation methods based on an insurer's surplus, particularly for those with $50 million or more in surplus. The bill also modifies how unearned premiums, which are premiums paid for coverage not yet provided, are released over time. Additionally, it clarifies that certain portions of title insurance premiums retained by agents are exempt from premium taxes, contingent on title insurers collectively hiring a minimum of 600 new Florida-based employees between July 1, 2014, and July 1, 2016, with this exemption set to expire at the end of 2017 unless reenacted. Finally, the bill updates definitions related to title insurance premiums and reserves.