The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.782

627.782 Adoption of rates.—

(1) Subject to the rating provisions of this code, the commission must adopt a rule specifying the premium to be charged in this state by title insurers for the respective types of title insurance contracts and, for policies issued through agents or agencies, the percentage of such premium required to be retained by the title insurer which shall not be less than 30 percent. However, in a transaction subject to the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. ss. 2601 et seq., as amended, no portion of the premium attributable to providing a primary title service shall be paid to or retained by any person who does not actually perform or is not liable for the performance of such service.

(2) In adopting premium rates, the commission must give due consideration to the following:

(a) The title insurers’ loss experience and prospective loss experience under closing protection letters and policy liabilities.

(b) A reasonable margin for underwriting profit and contingencies, including contingent liability under s. 627.7865, sufficient to allow title insurers, agents, and agencies to earn a rate of return on their capital that will attract and retain adequate capital investment in the title insurance business and maintain an efficient title insurance delivery system.

(d) Liability for defalcation.

(e) Other relevant factors.

(3) Rates may be grouped by classification or schedule and may differ as to class of risk assumed.

(4) Rates may not be excessive, inadequate, or unfairly discriminatory.

(5) The premium applies to each $100 of insurance issued to an insured.

(6) The premium rates apply throughout this state.

(7) The commission shall, in accordance with the standards provided in subsection (2), review the premium as needed, but not less frequently than once every 3 years, and shall, based upon the review required by this subsection, revise the premium if the results of the review so warrant.

(8) Each title insurance agency and insurer licensed to do business in this state and each insurer’s direct or retail business in this state shall maintain and submit information, including revenue, loss, and expense data, as the office determines necessary to assist in the analysis of title insurance premium rates, title search costs, and the condition of the title insurance industry in this state. Such information shall be transmitted to the office annually by May 31 of the year after the reporting year. The commission shall adopt rules relating to the collection and analysis of the data from the title insurance industry.

History.—s. 8, ch. 65-359; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 579, 584, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 8, ch. 89-305; s. 16, ch. 90-119; ss. 95, 114, ch. 92-318; s. 11, ch. 99-286; s. 1204, ch. 2003-261; s. 5, ch. 2007-44; s. 5, ch. 2012-206; s. 12, ch. 2014-112.

F.S. 627.782 on Google Scholar

F.S. 627.782 on Casetext

Amendments to 627.782

Arrestable Offenses / Crimes under Fla. Stat. 627.782

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.782.

Annotations, Discussions, Cases:

Cases from cite.case.law:

BLEICH v. CHICAGO TITLE INSURANCE COMPANY, a, 117 So. 3d 1163 (Fla. Dist. Ct. App. 2013)

. . . . § 627.782, Fla. Stat. (2012); Fla. Admin. Code R. 690-186.003 (2002). . . .

FISCHER, v. ALESSANDRINI,, 907 So. 2d 569 (Fla. Dist. Ct. App. 2005)

. . . Hoivever, the term “motor vehicle” shall not include any motor vehicle as defined in s. 627.782(1) when . . .

CHICAGO TITLE INSURANCE CO. v. S. BUTLER,, 770 So. 2d 1210 (Fla. 2000)

. . . developer, challenges the constitutionality of sections 626.611(H), 626.8437, 626.9541(l)(h)3.a., 627.780, 627.782 . . . See § 627.782(1). Butler seeks the right to negotiate the agent’s share of the risk premium only. . . . Butler then filed a second amended complaint, adding sections 626.8437, 627.780, 627.782 and 627.783 . . . See id. § 627.782(1). . . . Section 627.782, Florida Statutes (1997), relating to the adoption of rates, states: (1) Subject to the . . .

STATE DEPARTMENT OF INSURANCE, v. KEYS TITLE AND ABSTRACT CO. INC. a, 741 So. 2d 599 (Fla. Dist. Ct. App. 1999)

. . . The trial court held that section 627.782(8), Florida Statutes violates the right to equal protection . . . We conclude the legislature had a rational basis to limit the application of section 627.782(8) to non-lawyer . . . Section 627.782(8) authorizes the Department to promulgate a rule requiring its licensees to provide . . . On its face, section 627.782(8) makes no distinction between lawyers and non-lawyers. . . . Our analysis in this case is governed by the rational relationship test, because section 627.782(8) does . . . (Keys Title), “a non-lawyer title agent,” proved that section 627.782(3), Florida Statutes (1997), as . . . Section 627.782(8), Florida Statutes, denies non-attorney title agents equal protection of the laws under . . . Section 627.782, Florida Statutes (1997), as its title indicates (“Adoption of rates”), has to do with . . . As to the judgment that today revives both the rule and section 627.782(8), Florida Statutes (1997)' . . . Because Section 627.782(8), Florida Statutes, has been declared unconstitutional to the extent that it . . .

E. MORALES, v. ATTORNEYS TITLE INSURANCE FUND, INC. L. SNYDER A. v. COMMONWEALTH LAND TITLE INSURANCE COMPANY, EICHELHARDT, v. LAWYERS TITLE INSURANCE CORPORATION, SUTTON S. v. CHICAGO TITLE INSURANCE COMPANY, INC. C. O BRIEN, K. O v. STEWART TITLE GUARANTY COMPANY, DICACCIO, v. FIRST AMERICAN TITLE INSURANCE COMPANY, J. ELIADES, v. AMERICAN PIONEER TITLE INSURANCE COMPANY, A. DUNN L. v. FIDELITY NATIONAL TITLE INSURANCE COMPANY,, 983 F. Supp. 1418 (S.D. Fla. 1997)

. . . . § 627.782(1). . . . Stat. § 627.782(7) requires the Department of Insurance to review the promulgated rates for title insurance . . .

S. BUTLER v. STATE DEPARTMENT OF INSURANCE, 680 So. 2d 1103 (Fla. Dist. Ct. App. 1996)

. . . . § 627.782(1), Fla.Stat. (1993). . . .