FL S0570

Establishes separate liability requirements for title insurers to pay all known unpaid losses and claims, in addition to reserves required under existing law.

Creates tiered reserve requirements for title insurers based on surplus levels: insurers with less than $50 million in surplus must maintain reserves under existing formulas, while those with $50 million or more in surplus must maintain a minimum of 6.5 percent of direct premiums written and reinsurance assumed beginning January 1, 2014.

Requires only licensed and appointed agents or agencies to sell title insurance and prohibits title insurance agents and agencies from using terms like "title insurance," "title company," or "title guaranty" in their names unless followed by "agent" or "agency."

Eliminates bonding requirements for title insurance agency license applications and removes the $35,000 deposit requirement, instead requiring bonds only at the time of appointment by specific insurers.

Limits remedies for breach of title insurance contract duties to contract remedies only and extends the annual data submission deadline for title insurance agencies and insurers from March 31 to May 31.