FL H0805

Amends title insurer reserve requirements by establishing a minimum of 6.5 percent of total direct premiums and reinsurance premiums for title insurers holding $50 million or more in surplus (effective January 1, 2014), while smaller insurers continue using the 30-cent-per-$1,000 net retained liability formula.

Specifies that domestic title insurers must obtain approval from the Office of Insurance Regulation before using or recording a bulk reserve, and are not required to record separate bulk reserves.

Requires all domestic title insurers to obtain annual Statements of Actuarial Opinion from qualified actuaries regarding loss and loss adjustment expense reserves, with provisions for additional actuarial reserves if needed.

Exempts portions of title insurance premiums retained by title insurance agents and agencies from premium tax, conditioned on title insurers adding a minimum of 600 Florida-based employees between July 1, 2014, and July 1, 2016.

Establishes reserve release schedules over 20 years for different categories of unearned premium reserves, with specific percentage releases on quarterly and annual bases starting in 1999.