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Volume 3, No. 1 - January 2014

Compliance Corner

This section has been created to assist you in keeping your insurance business in compliance. The items are intended as reminders only and are not necessarily the exact text of the Florida Statutes or Florida Administrative Code. The legal cites have been provided for your further reference.

Reminder When Selling or Leaving Ownership of an Insurance Agency

If an insurance agency that holds a registration is sold, the registration should be cancelled by the current owner and the new owner must apply for a new insurance agency license. Additionally, any insurance agency that is licensed or registered under a social security number should request termination of the agency license if the owner of the social security number sells or leaves the insurance agency. The party assuming ownership of the agency should then apply for a new agency license. Cancellation or termination of the agency registration or license can be requested on the Cancellation Notice for Insurance Agency Licensure (DFS-H2-1997) form.

Bail Bond Agents: Changes to Pre-numbered Collateral Receipts

A change was recently made to Rule 69B-221.120, Florida Administrative Code, relating to pre-numbered receipts as evidence of collateral. All collateral receipts must now state that for any complaints or inquiries, the consumer may contact the Department of Financial Services, Division of Consumer Services, Bail Bond Section, 200 East Gaines Street, Tallahassee, FL 32399-0322, 1-877-693-5236 (in-state). Previously, it did not indicate the division and there was a change in zip code and phone number.

[See Rule 69B-221.120, Florida Administrative Code]

Title Insurance Agency Data Call

Each title insurance agency licensed to do business in this state shall maintain and submit information, including revenue, loss, and expense data to the Office of Insurance Regulation (OIR) to assist in the analysis of title insurance premium rates, title search costs, and the condition of the title insurance industry in this state. This information must be transmitted to the office annually by March 31 of the year after the reporting year.

The first report is to be submitted no later than March 31, 2015 and it is to include the information collected from January 1 through December 31, 2014 for each title insurance agency. Failure to submit the required data timely could result in the suspension of that title agency's license.

Additional information about the title data call may be found on the website for the Office of Insurance Regulation at www.floir.com/Sections/PandC/Title/default.aspx.

The latest version of the forms to be used for the data call can be found on the website for the OIR as well as on our webpage at www.MyFloridaCFO.com/Division/Agents/Industry/Laws-Rules/TitleAgencyDataCall.htm.

To assist title insurance agencies in properly responding to the OIR, the Florida Land Title Association (FLTA) is sponsoring educational webinars on the data call. These webinars are open to all members of the title insurance industry regardless of membership in the association. Please visit the FLTA website at www.flta.org for more information and the schedule of the webinars.

[See Section 627.782(8), Florida Statutes, and Rule 69O-186.013, Florida Administrative Code]