Florida Senate - 2014                                     SB 310
       By Senator Simpson
       18-00466-14                                            2014310__
    1                        A bill to be entitled                      
    2         An act relating to title insurance; amending s.
    3         627.7711, F.S.; revising the definition of “premium”
    4         to provide that that the term does not include payment
    5         for certain title services; providing an effective
    6         date.
    8  Be It Enacted by the Legislature of the State of Florida:
   10         Section 1. Subsection (2) of section 627.7711, Florida
   11  Statutes, is amended to read:
   12         627.7711 Definitions.—As used in this part, the term:
   13         (2) “Premium” means the charge, as specified by rule of the
   14  commission, which that is made by a title insurer for a title
   15  insurance policy, endorsement, commitment, or other contract for
   16  including the charge for performance of primary title services
   17  by a title insurer or title insurance agent or agency, and
   18  incurring the risks incident to such policy, endorsement,
   19  commitment, or contract under the several classifications of
   20  title insurance contracts and forms, and upon which charge a
   21  premium tax is paid under s. 624.509. As used in this part or in
   22  any other law, with respect to title insurance, the term word
   23  “premium” does not include a commission or apply to payment for
   24  primary title services, title searches, closing services, or any
   25  component thereof performed by a title insurer, title insurance
   26  agent, or agency.
   27         Section 2. This act shall take effect July 1, 2014.