FL S1404

Title insurance agents must complete a minimum of 10 hours of continuing education every 2 years starting October 1, 2014, with at least 3 hours covering ethics, rules, and compliance with state and federal regulations specific to title insurance and closing services.

Failure to timely submit required data to the Office of Insurance Regulation becomes grounds for the department to deny, suspend, revoke, or refuse to renew a title insurance agent's or agency's license or appointment.

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 permit 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 to the insurer.

Title insurance agencies and insurers must submit annual revenue, loss, and expense data to the Office of Insurance Regulation by March 31 each year to assist in analyzing premium rates, title search costs, and industry conditions.