Florida Statute 627.782 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.782

627.782 Adoption of rates.—

(1) Subject to the rating provisions of this code, the commission must adopt a rule specifying the premium to be charged in this state by title insurers for the respective types of title insurance contracts and, for policies issued through agents or agencies, the percentage of such premium required to be retained by the title insurer which shall not be less than 30 percent. However, in a transaction subject to the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. ss. 2601 et seq., as amended, no portion of the premium attributable to providing a primary title service shall be paid to or retained by any person who does not actually perform or is not liable for the performance of such service.

(2) In adopting premium rates, the commission must give due consideration to the following:

(a) The title insurers’ loss experience and prospective loss experience under closing protection letters and policy liabilities.

(b) A reasonable margin for underwriting profit and contingencies, including contingent liability under s. 627.7865, sufficient to allow title insurers, agents, and agencies to earn a rate of return on their capital that will attract and retain adequate capital investment in the title insurance business and maintain an efficient title insurance delivery system.

(d) Liability for defalcation.

(e) Other relevant factors.

(3) Rates may be grouped by classification or schedule and may differ as to class of risk assumed.

(4) Rates may not be excessive, inadequate, or unfairly discriminatory.

(5) The premium applies to each $100 of insurance issued to an insured.

(6) The premium rates apply throughout this state.

(7) The commission shall, in accordance with the standards provided in subsection (2), review the premium as needed, but not less frequently than once every 3 years, and shall, based upon the review required by this subsection, revise the premium if the results of the review so warrant.

(8) Each title insurance agency and insurer licensed to do business in this state and each insurer’s direct or retail business in this state shall maintain and submit information, including revenue, loss, and expense data, as the office determines necessary to assist in the analysis of title insurance premium rates, title search costs, and the condition of the title insurance industry in this state. Such information shall be transmitted to the office annually by May 31 of the year after the reporting year. The commission shall adopt rules relating to the collection and analysis of the data from the title insurance industry.

History.—s. 8, ch. 65-359; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 579, 584, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 8, ch. 89-305; s. 16, ch. 90-119; ss. 95, 114, ch. 92-318; s. 11, ch. 99-286; s. 1204, ch. 2003-261; s. 5, ch. 2007-44; s. 5, ch. 2012-206; s. 12, ch. 2014-112.

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Amendments to 627.782

Arrestable Offenses / Crimes under Fla. Stat. 627.782

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.782.

Annotations, Discussions, Cases:

Cases Citing Statute 627.782

Total Results: 4

Bleich v. Chicago Title Insurance

Court: Fla. Dist. Ct. App. | Date Filed: 2013-06-05T00:00:00-07:00

Citation: 117 So. 3d 1163, 2013 WL 2420492, 2013 Fla. App. LEXIS 8895

Snippet: a rate scheme for title insurance premiums. § 627.782, Fla. Stat. (2012); Fla. Admin. Code R. 690-186.003

Chicago Title Ins. Co. v. Butler

Court: Fla. | Date Filed: 2000-10-19T00:53:00-07:00

Citation: 770 So. 2d 1210

Snippet: 626.8437,[2] 626.9541(1)(h)3.a.,[3]*1212 627.780,[4] 627.782[5] and 627.783[6] of the Florida Statutes (1997…agents retain the remaining seventy percent. See § 627.782(1). Butler seeks the right to negotiate the agent… complaint, adding sections 626.8437, 627.780, 627.782 and 627.783 to his constitutional *1214 challenge… thirty percent of the risk premium. See id. § 627.782(1). This means, therefore, that title insurance…626.611(11), 626.8437, 626.9541(1)(h)3.a., 627.780, 627.782 and 627.783 of the Florida Statutes and rule 4-

State, Dept. of Ins. v. Keys Title

Court: Fla. Dist. Ct. App. | Date Filed: 1999-09-09T00:53:00-07:00

Citation: 741 So. 2d 599

Snippet: on its face. The trial court held that section 627.782(8), Florida Statutes violates the right to equal…rational basis to limit the application of section 627.782(8) to non-lawyer title insurance agents. Therefore…Insurance under Chapter 627, Florida Statutes. Section 627.782(8) authorizes the Department to promulgate a rule…for use in setting rates. On its face, section 627.782(8) makes no distinction between lawyers and non-lawyers…s reporting requirements authorized by section 627.782(8) and required by rule 4-186.013. Keys Title and

Butler v. State, Dept. of Ins.

Court: Fla. Dist. Ct. App. | Date Filed: 1996-10-11T00:53:00-07:00

Citation: 680 So. 2d 1103

Snippet: of the premium for policies sold by agents. § 627.782(1), Fla.Stat. (1993). The remaining 70% of the