"Title Insurance Regulatory Reform Act of 2011" - bills filed

Adding to an already long list of pending P&C legislation is a bill to reform title insurance.  The "Title Insurance Regulatory Reform Act of 2011" is contained in a House bill, HB 1229. A Senate bill on title insurance, SB 1468, is less comprehensive.

The House bill would:

• Create a Division of Title Insurance within the Department of Financial Services.
• Authorize adoption of rules relating to title insurance.
• Provide for an "agent in charge of title insurance agency."
• Require that certain attorney-owned entities that engage in business as title insurance agencies, other than active practice of law, must be licensed as title insurance agencies with designated agents in charge.
• Provide legislative findings and intent relating to holding of Chicago Title Ins. Co. v. Butler, an eleven year old Florida Supreme Court case that held a rebating statute (of title insurance premiuim) to be unconstitutional.

This summary was prepared by Perry Cone and is posted at www.tallyinslaw.com/

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