Florida policies will remain in full force and effect during the rehabilitation of National Title. The Receiver will calculate the amount of funds needed to pay all Florida claims and administrative expenses of this estate for one year. The information will be provided to the Office of Insurance Regulation (OIR) which will assess title insurance companies writing in Florida. The assessed amount will include the amount sufficient to pay known claims, loss adjustment expenses and the cost of administration of the estate for the balance of 2012. Assessments will be performed on an annual basis after that and will cover Florida claims and administrative costs for a one year period of time. Click here to see a copy of the Court ordered Notice and Invoice.
The assessment applies to all Title insurers doing business in Florida as is applied on a market share basis. Payment is due within ninety (90) days of receipt of the assessment notice.
Assessed companies may surcharge new policyholders up to $25 (or the amount set by OIR) to recoupe funds.
The OIR assessment of title companies required assessments to be paid by a date 30 days following the date of OIR’s order or October 4, 2012. By agreement reached between the Department of Financial Services, OIR and the Florida Land Title Association, an extension has been granted to delay the assessment of title companies and any recoupment of assessment amounts until December 3, 2012.