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. 7 8 Be It Enacted by the Legislature of the State of Florida: 9 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
thatis 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 services17 by a title insurer or title insurance agent or agency, and18 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 word23 “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.