Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. SB 826
                                Barcode 443100                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  01/26/2012           .                                

       The Committee on Banking and Insurance (Bennett) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 627.7832, Florida Statutes, is created
    6  to read:
    7         627.7832Claims payment.—A title insurer has the right to
    8  cure each claim made. However, if an insurer does not cure a
    9  claim within 90 days, the insurer must tender full policy limits
   10  or pay up to an additional 25 percent above the initial amount
   11  insured in order to reimburse the policyholder for any initial
   12  attorney fees, moving expenses, property taxes, architect fees,
   13  engineering fees, permitting fees, or mortgage interest paid up
   14  until the time that the claim is cured. Payment of the
   15  additional 25 percent applies only if the insurer fails to
   16  establish the title as initially insured. This section applies
   17  to all title insurance policies issued on or after July 1, 2012.
   18         Section 2. Subsection (1) of section 627.7845, Florida
   19  Statutes, is amended to read:
   20         627.7845 Determination of insurability required;
   21  preservation of evidence of title search and examination.—
   22         (1) A title insurer may not issue a title insurance
   23  commitment, endorsement, or title insurance policy until the
   24  title insurer has caused to be made a determination of
   25  insurability based upon the evaluation of a reasonable title
   26  search which begins with the original issuance of title or a
   27  search of the records of a Uniform Commercial Code filing
   28  office, as applicable, has examined such other information as
   29  may be necessary, and has caused to be made a determination of
   30  insurability of title or the existence, attachments, perfection,
   31  and priority of a Uniform Commercial Code security interest,
   32  including endorsement coverages, in accordance with sound
   33  underwriting practices.
   34         Section 2. This act shall take effect July 1, 2012.
   36  ================= T I T L E  A M E N D M E N T ================
   37         And the title is amended as follows:
   38         Delete everything before the enacting clause
   39  and insert:
   40                        A bill to be entitled                      
   41         An act relating to title insurance claims; creating s.
   42         627.7832, F.S.; providing that after a specified time,
   43         a title insurer must pay the full policy limits on a
   44         claim or pay a specified amount above the amount
   45         insured to reimburse certain fees and expenses of the
   46         insured until the claim is cured; providing for
   47         applicability; amending s. 627.7845, F.S.; providing
   48         that a title search begins with the original issuance
   49         of title; providing an effective date.