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 2015-16. Assessments may be performed on an annual basis to cover Florida claims and administrative costs for a one year period of time. View a copy of the recent National Title 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 thirty (30) days of receipt of the assessment notice.
Assessed companies may surcharge new policyholders a three dollar and twenty-eight cent ($3.28) surcharge on each title policy issued to recoup funds.
The OIR assessment of title companies required assessments to be paid by a date 90 days following the date of OIR’s order or January 12, 2016.