2005 Florida Statutes
627.7711 Definitions.--As used in this part, the term:
1(1)(a) "Related title services" means services performed by a title insurer or title insurance agent or agency, in the agent's or agency's capacity as such, including, but not limited to, preparing or obtaining a title search, examining title, examining searches of the records of a Uniform Commercial Code filing office and such other information as may be necessary, preparing documents necessary to close the transaction, conducting the closing, or handling the disbursing of funds related to the closing in a real estate closing transaction in which a title insurance commitment or policy is to be issued. The premium, together with the charge for related title services, constitutes the regular title insurance premium.
(b) "Primary title services" means determining insurability in accordance with sound underwriting practices based upon evaluation of a reasonable search and examination of the title or the records of a Uniform Commercial Code filing office and such other information as may be necessary, determination and clearance of underwriting objections and requirements to eliminate risk, preparation and issuance of a title insurance commitment setting forth the requirements to insure, and preparation and issuance of the policy.
(2) "Premium" means the charge, as specified by rule of the commission, that is made by a title insurer for a title insurance policy, including the charge for performance of primary title services by a title insurer or title insurance agent or agency, and incurring the risks incident to such policy, under the several classifications of title insurance contracts and forms, and upon which charge a premium tax is paid under s. 624.509 As used in this part or in any other law, with respect to title insurance, the word "premium" does not include a commission.
(3) "Title insurer" means any domestic company organized and authorized to do business under the provisions of chapter 624, for the purpose of issuing title insurance, or any insurer organized under the laws of another state, the District of Columbia, or a foreign country and holding a certificate of authority to transact business in this state, for the purpose of issuing title insurance.
History.--ss. 575, 809(2nd), ch. 82-243; s. 79, ch. 82-386; ss. 88, 114, ch. 92-318; s. 6, ch. 99-286; s. 1200, ch. 2003-261; s. 2, ch. 2005-153.
1Note.--Section 5, ch. 2005-153, provides that "[t]his section and section 4 shall take effect [June 8, 2005]. Sections 1, 2, and 3 shall take effect upon the date the Office of Insurance Regulation approves the title insurance form and corresponding rate for the insurance provided in s. 624.608(2), Florida Statutes[,] as amended by this act." Section 4, ch. 2005-153, requires the Office of Insurance Regulation to approve the title insurance form and corresponding rate for the insurance described in s. 624.608(2) no later than January 1, 2006.