Title Insurance Policy Surcharge to Begin September 2, 2014
On June 4, 2014, the Office of Insurance Regulation (OIR) ordered that a surcharge totaling $3.28 per policy be charged to reimburse the receivers assigned to administer the receivership of two underwriters who have gone out of business – National Title Insurance Company ($.28) and K.E.L. Title Insurance Group, Inc. ($3.00).
Beginning on September 2, 2014, each title insurance agent is to collect a surcharge of $3.28 on every title insurance policy except those issued at the simultaneous issue rate. The agent will remit the collected surcharges along with the policies and premiums to the title insurer within 60 days of the policy effective date. Details on the procedures for remitting the surcharge will be forthcoming.
the surcharge is authorized by Sec. 631.401 Fla. Stat. which provides protection for the insureds of title insurers who have been placed into receivership. Attorneys’ Title Insurance Fund, Inc. was not placed into receivership, and this action by the OIR is not related to The Fund in any way.
06/11/2014
