Assembly Wraps Up; Special Sessions Continue

ASSEMBLY 2026 – WHERE STARS ALIGN

Assembly 2026 was a huge success! It was great connecting with so many of you and watching all of you network while earning your CE and CLE credits. If you missed this year’s event, look for On-Demand Sessions to be available in June, and mark your calendar for next year, May 13-15, 2027, at the Signia by Hilton Orlando Bonnet Creek.

FINCEN GUIDANCE UPDATE

FinCEN announced back in March that reporting persons are not required to report the information required by the Real Estate Reporting Rule while the U.S. District Court (Eastern District of Texas) ruling remains in effect. They have further updated their guidance and FAQ’s on May 18, 2026, to include that if the court’s order is overturned, and the Rule goes back into effect, reporting persons will not be required to file reports retroactively for covered transactions that occurred during the vacatur. For more information, visit: www.fincen.gov/rre-faqs

2026 LEGISLATIVE SESSION UPDATE

Florida’s regular legislative session is over, but the work is not done. No budget has been delivered. The House and Senate need to work out a $1.4 billion gap between their respective budget plans, which they plan to finalize by the end of May. Governor DeSantis plans to call an additional special session in July to address property tax reform.

Old Republic’s legislative plan for the 2026 legislative session was a measured success. Several bills were proposed containing provisions that could have adversely affected Florida title insurance industry as well as consumers. Expanded redaction provisions; restrictions on contracts for adults over the age of 60; a possible invitation for unregulated title insurance alternatives; and expanded insurable gap periods were among the most problematic provisions. Old Republic’s lobby team at Capital City Consulting helped us navigate relationships in Tallahassee so legislators understood the unintended consequences of the proposed bills. Thanks to those efforts, offending bills did not pass. In case you missed it, watch our in-depth discussion with Ashley Kalifeh from Capital City Consulting.

PROTECTING THE PROMULGATED RATE SYSTEM

If you attended Assembly, you heard Jim Russick, Southeast Regional Regulatory and Underwriting Counsel, speak about the past and present attempts to challenge Florida’s promulgated rates and system. Florida is one of only three states (Texas and New Mexico) with a promulgated rate structure. Title insurance is only 2% of Florida’s overall insurance market. Regulators and lawmakers do not fully understand the nature of title insurance as a product that requires up front curative work, has a one-time charge to the consumer, and requires a predictable system of maintaining reserves to pay claims. 

As a result, our regulators (who are over-worked and many times under-funded) tend to lump our industry in with the casualty market, thinking that it would be easier (or more affordable for consumers) to convert our promulgated rate structure to a “file and use” structure like a casualty insurance product. Similarly, some believe the rhetoric that unregulated title insurance alternative product are a comparable alternative to title insurance. 

Neither of these assumptions are true, but if acted upon, it would impact the very nature of your business along with Florida’s 10,000+ title professionals that rely upon the current structure. More importantly, the consumer gets an expensive (but worthless) product, with no curative work, and no claims reserve.

WOULD YOU LIKE TO INFLUENCE GOOD POLICY IN TALLAHASSEE?

FACT (Florida Agents and Counselors for Title) is a new political committee supported by Old Republic Title in Florida that serves as YOUR advocacy platform in Tallahassee. The FACT Advisory Board, comprised of your fellow Old Republic agents in Florida, will be meeting this summer to discuss agent-concerns throughout the state as well as the committee’s legislative plan for 2027. 

FACT, through Old Republic Title and its Florida agents, is a welcome resource for Tallahassee lawmakers and regulators who have good intentions to address consumer and business issues, but need guidance from trusted experts to make better policy decisions.

FACT needs your support! We cannot make an impact without your financial contributions. Support FACT today! Text "factpac" to (888) 444-8774, or visit https://secure.anedot.com/fact-pac-florida/donate

Want to take part in the conversation? Email me: SWidman@OldRepublicTitle.com.

More information about FACT visit https://fl.oldrepublictitle.com/fact.

 

Shannon Widman 
Legislative Counsel, Old Republic Title