Bulletin: FL000084

Date:
February 25, 1999
To:
All Florida Offices and Agents
RE:
Department of Insurance Rate Hearing

Dear Associates:

The Department of Insurance has indicated that it shortly will schedule a Workshop and at that Workshop the Department will discuss its proposal to reduce the title insurance rates by nine percent. The Workshop will be open to all agents, as well as members of the general public. It is expected that after the Workshop the Department of Insurance will draft a proposed rule about the reduction and that a formal hearing will be called to consider the rule. The proposed reduction is based upon the statistical data gathered based on 1997 experience as analyzed in the Cox Report which has been modified, although the modification is still in draft form and has not been made public.

It is likely that in addition to this rate hearing there may be an additional hearing at a later date to discuss some new coverages to be offered and rates to be set for them, as well.

We opposed the Cox Report at the hearings held a year ago. Although we have not seen the revised report, since the major report was, in our opinion, based upon flawed date and flawed interpretation, we anticipate that we will oppose the new proposal as well.

The workshop is tentatively scheduled for 10:00 A.M. on Thursday, March 25, 1999, in the Larson Building, Tallahassee.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None