FL H0643

Title insurance agents must complete a minimum of 10 hours of continuing education every 2 years in title insurance and escrow management, with at least 3 hours focused on ethics, rules, and compliance with state and federal regulations; effective October 1, 2014.

Failure to timely submit data required under section 627.782 is added as grounds for the department to deny, suspend, revoke, or refuse to renew a title insurance agent's or agency's license.

Attorneys serving as title or real estate settlement agents must deposit and maintain client funds in a separate trust account exclusively for such transactions and allow audits by title insurers, unless prohibited by Florida Bar rules.

The Office of Insurance Regulation must approve or disapprove title insurance forms within 180 days of receipt and may revoke approval after providing 180 days' notice; insurers cannot achieve competitive advantages through different rates or forms if identical coverages have been approved.

Title insurance agencies and insurers licensed in Florida must annually submit to the office by March 31 revenue, loss, and expense data to assist in analyzing premium rates, title search costs, and industry conditions; the Financial Services Commission shall adopt rules for data collection and analysis.