Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 758
       
       
       
       
       
       
                                Ì201870ÈÎ201870                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/05/2014           .                                
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       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 64 - 87
    4  and insert:
    5         625.111 Title insurance reserve.—In addition to an adequate
    6  reserve as to outstanding losses relating to known claims, as
    7  required under s. 625.041, a domestic title insurer shall
    8  establish, segregate, and maintain a guaranty fund or unearned
    9  premium reserve as provided in this section. The sums required
   10  under this section to be reserved for unearned premiums on title
   11  guarantees and policies at all times and for all purposes shall
   12  be considered and constitute unearned portions of the original
   13  premiums and shall be charged as a reserve liability of the such
   14  insurer in determining its financial condition. While Such sums
   15  are so reserved funds, they shall be withdrawn from the use of
   16  the insurer for its general purposes, impressed with a trust in
   17  favor of the holders of title guarantees and policies, and held
   18  available for reinsurance of the title guarantees and policies
   19  in the event of the insolvency of the insurer. Nothing contained
   20  in This section does not shall preclude the such insurer from
   21  investing such reserve in investments authorized by law, for
   22  such an insurer and the income from such investments invested
   23  reserve shall be included in the general income of the insurer
   24  and may to be used by such insurer for any lawful purpose.
   25         (1) For an unearned premium reserve reserves established on
   26  or after July 1, 1999, such unearned premium reserve must be in
   27  shall consist of not less than an amount at least equal to the
   28  sum of the amounts specified in paragraphs (a), (b), and (d) for
   29  title insurers holding less than $50 million in surplus as to
   30  policyholders as of the previous year end, and the sum of the
   31  amounts specified in paragraphs (c) and (d) for title insurers
   32  holding $50 million or more in surplus as to policyholders as of
   33  the previous year end:
   34  
   35  ================= T I T L E  A M E N D M E N T ================
   36  And the title is amended as follows:
   37         Delete lines 5 - 7
   38  and insert:
   39         amending s. 625.111, F.S.; revising and specifying the
   40         reserves certain title insurers must set aside;
   41         specifying how such reserves will be released;