- February 25, 1999
- All Florida Offices and Agents
- Department of Insurance Rate Hearing
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.
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