HB 831 - Title Insurance Reserve

• Amends Florida Statutes section 625.111 to revise unearned premium reserve requirements for domestic title insurers established on or after July 1, 1999.

• Excludes title insurers that previously held $50 million or more in surplus but now hold less than $50 million from certain reserve calculation provisions, requiring them to maintain reserves equal to paragraphs (a), (b), and (d) instead of (c) and (d).

• Adds a domicile transfer provision effective on the 45th day after the last day of the calendar quarter when an insurer transfers domicile to Florida, allowing reserve calculations to be based on that transfer date.

• Establishes a 20-year amortization schedule for title insurers transferring domicile to Florida, releasing 35% of aggregate reserves initially, then releasing remaining amounts in quarterly installments over subsequent years at specified percentages.

• Takes effect July 1, 2016.