To recap: On Monday, April 3, 2023, proposed Senate Bill 7052 was filed. Section 23 of that bill would effectively eliminate promulgated rates for title insurance in Florida. Recognizing the huge potential impacts of such a change to Florida’s rate structure, The Fund, the members of the Florida Land Title Association and the Real Property, Probate and Trust Law Section of the Florida Bar immediately began efforts to educate Florida lawmakers on this issue. We emphasized how our current rate structure supports title agents. While we want to make you aware of this proposed legislation, please rest assured that The Fund and its professional team in Tallahassee are working to oppose Section 23, of Senate Bill 7052.
Update: Discussions with members of the Senate have been well received and we have the understanding that SB 7052 will be amended to delete Section 23 pertaining to title insurance. We should have confirmation of this within the next 10 days.
On the House side, PCB Com 23-04 was filed on Thursday, April 6, 2023 for consideration by the House Commerce Committee. This version of the insurance accountability act did NOT contain provisions on title insurance. This bill has passed through the Commerce Committee and is making its way through the process.
With fingers crossed, I am glad to report it looks like our efforts have been successful. But we are continuing to closely monitor the situation. I promise to update you regularly on this legislation as it makes its way through the legislative process. Feel free to contact me with any questions or comments. mmurphy@thefund.com
This is a great opportunity to help with our advocacy efforts. Please give to TITL, our political committee! You can donate via credit card here https://secure.anedot.com/titleinsurancethroughlawyers/donate or print out a contribution form for mailing here https://www.thefund.com/titl/support-statement.pdf. Thank you for your support!
Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
and General Counsel