The Florida Senate

627.7711  Definitions.--As used in this part, the term:

(1)  "Related title services" means services performed by a title insurer or title insurance agent, including, but not limited to, preparing or obtaining title information, 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 binder, commitment, or policy is to be issued. The risk premium, together with the charge for related title services, constitutes the regular title insurance premium.

(2)  "Risk premium" means the charge, as specified by rule of the department, that is made by a title insurer for the assumption of the risk, 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 words "premium" or "risk premium" mean only the risk premium as defined in this section and do not include any other charge incidental to title insurance.

(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.