Amendment
Bill No. CS/HB 937
Amendment No. 917831
CHAMBER ACTION
Senate House
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1Representative Ambler offered the following:
2
3     Amendment (with title amendment)
4     Remove everything after the enacting clause and insert:
5     Section 1.  (1)  This act may be cited as the "Florida 2008
6Title Insurance Study Advisory Council Act."
7     (2)  The purpose of this act is to create an advisory
8council to undertake a comprehensive examination of the title
9insurance delivery system of this state with the ultimate goal
10of making recommendations for legislation to promote a sound and
11stable system to promote the safety of real property transfers
12in this state.
13     (3)  The Florida 2008 Title Insurance Study Advisory
14Council is created. The council shall consist of the following
1521 members:
16     (a)  The Governor or the Governor's designee, who shall
17serve as chair of the council.
18     (b)  The Chief Financial Officer or the Chief Financial
19Officer's designee, who shall serve as vice chair of the
20council.
21     (c)  One member of the Senate appointed by the President of
22the Senate.
23     (d)  One member of the House of Representatives appointed
24by the Speaker of the House of Representatives.
25     (e)  The Insurance Consumer Advocate appointed pursuant to
26s. 627.0613, Florida Statutes.
27     (f)  The Commissioner of Insurance Regulation or the
28commissioner's designee.
29     (g)  The Commissioner of the Office of Financial Regulation
30or the commissioner's designee.
31     (h)  Three representatives of title insurers doing business
32in the state from three different title insurers, appointed by
33the President of the Senate. No more than one representative may
34be named from each affiliated group of corporations as defined
35in s. 624.509(5)(a)2., Florida Statutes. Such appointments may
36not overlap with those insurer appointments made under paragraph
37(i).
38     (i)  Four representatives of title insurers doing business
39in the state from four different title insurers, appointed by
40the Speaker of the House of Representatives. No more than one
41representative may be named from each affiliated group of
42corporations as defined in s. 624.509(5)(a)2., Florida Statutes.
43Such appointments may not overlap with those insurer
44appointments made under paragraph (h).
45     (j)  Two independent licensed title insurance agents
46appointed by the President of the Senate from a list of three
47agents submitted by the Florida Land Title Association.
48     (k)  One independent licensed title insurance agent
49appointed by the Speaker of the House of Representatives from a
50list of three agents submitted by the Florida Land Title
51Association.
52     (l)  Two members of the Real Property, Probate and Trust
53Law Section of The Florida Bar who are practicing real estate
54attorneys not employed by a title insurer. The designation of
55such members shall be made by the Real Property, Probate and
56Trust Law Section of The Florida Bar.
57     (m)  One member of the banking industry from a bank
58performing home and commercial mortgage lending, appointed by
59the Commissioner of Financial Regulation.
60     (n)  One member of the real estate industry, either an
61independent realtor or one representing a company handling home
62and commercial real estate transactions, including closings,
63appointed by the Chief Financial Officer.
64     (4)  The council shall be administratively supported by the
65staff of the Executive Office of the Governor. The Department of
66Financial Services, the Office of Insurance Regulation, and
67other agencies of the state, as well as staff of the applicable
68legislative committees, shall supply any information,
69assistance, and facilities that are deemed necessary by the
70council to carry out its duties.
71     (5)  The council shall undertake a comprehensive
72examination of the title insurance delivery system in this state
73and shall include in its study consideration of:
74     (a)  The historical development of the title insurance
75industry in this state and its uniqueness among other lines of
76insurance.
77     (b)  The current regulatory structure under which oversight
78responsibility is shared among different state agencies.
79     (c)  The adequacy of funds and agency personnel to exercise
80regulatory oversight.
81     (d)  The adequacy of current mechanisms and expertise to
82gather meaningful data to properly evaluate and adopt title
83insurance rates.
84     (e)  Such other topics as the chair, in consultation with
85the council, deems necessary to conduct a thorough examination
86of the title insurance industry.
87     (6)  The council, at the direction of the chair, may invite
88independent actuaries who have expertise in title insurance to
89provide information and appear before the council to aid in
90performing its duties. In order to assist the council, the
91Office of Program Policy Analysis and Government Accountability
92shall conduct an independent review of the historical
93development of the title insurance industry in this state and
94the current fragmented regulatory framework and shall report its
95findings to the council. Such report shall be submitted to the
96council by September 30, 2008.
97     (7)  The council shall hold its initial meeting no later
98than August 1, 2008, in Tallahassee. Staff for the council chair
99shall schedule and organize the initial meeting. Subsequent
100meetings of the council must be held in Tallahassee according to
101a schedule developed by the chair.
102     (8)  The council shall submit a final report, setting forth
103findings and specific legislative recommendations, to the
104Governor, the President of the Senate, and the Speaker of the
105House of Representatives on or before December 31, 2009. The
106council's final report shall be approved by at least two-thirds
107of the council's membership and the chair must be in the
108prevailing majority. The council shall terminate after
109submitting its final report but not later than December 31,
1102009.
111     Section 2.  The sum of $242,003 in nonrecurring funds is
112appropriated from the Insurance Regulatory Trust Fund in the  
113Department of Financial Services for transfer to the Executive
114Office of the Governor for the 2008-2009 fiscal year for the
115purpose of implementing the Florida 2008 Title Insurance Study
116Advisory Council.
117     Section 3.  The sum of $242,003 is appropriated from the
118Grants and Donations Trust Fund in the Executive Office of the
119Governor for the 2008-2009 fiscal year, and two full-time
120equivalent positions are authorized for the duration of the
121Florida 2008 Title Insurance Study Advisory Council.
122     Section 4.  This act shall take effect upon becoming a law.
123
124
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125
T I T L E  A M E N D M E N T
126     Remove the entire title and insert:
127
A bill to be entitled
128An act relating to title insurance; creating the Florida
1292008 Title Insurance Study Advisory Council; providing for
130membership; providing for administrative support for the
131council; providing responsibilities of the council;
132authorizing the council to invite independent actuaries to
133provide certain information; requiring the Office of
134Program Policy Analysis and Government Accountability to
135conduct a review and report to the council; requiring that
136the report be submitted to the council by a certain date;
137providing council meeting requirements; requiring the
138council to file a report with the Governor and the
139Legislature; providing for termination of the council;
140providing appropriations and authorizing additional
141positions; providing an effective date.
142
143     WHEREAS, the Legislature finds that a stable and efficient
144title insurance delivery system is necessary to promote the
145economic well-being of the residents of Florida, and
146     WHEREAS, Florida consumers have a right to effective and
147affordable title insurance, and
148     WHEREAS, title insurance is essential to ensure homeowners
149and landowners of the safety of real estate transfers in
150Florida, and
151     WHEREAS, investors and lienholders require the security
152accorded their business interests by a financially stable and
153regulated title insurance industry, and
154     WHEREAS, a viable title insurance delivery system requires
155efficient and comprehensive state oversight to regulate insurer
156and agent solvency, education, licensing, and discipline and the
157establishment of nondiscriminatory title insurance rates and
158forms, and
159     WHEREAS, it is the express intent of the Legislature to
160conduct a comprehensive review of the title insurance industry,
161the current regulatory scheme, and the rules affecting the
162conduct of the industry, NOW, THEREFORE,


CODING: Words stricken are deletions; words underlined are additions.