Florida Senate - 2016                              CS for SB 548
       
       
        
       By the Committee on Banking and Insurance; and Senator Richter
       
       
       
       
       
       597-01291-16                                           2016548c1
    1                        A bill to be entitled                      
    2         An act relating to title insurance; amending s.
    3         627.778, F.S.; increasing a title insurer’s limit of
    4         risk from one-half of its surplus as to policyholders
    5         to the entirety of its surplus; revising an exception
    6         to the limit; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Paragraph (a) of subsection (1) of section
   11  627.778, Florida Statutes, is amended to read:
   12         627.778 Limit of risk.—
   13         (1)(a) A title insurer may not issue any contract of title
   14  insurance, either as a primary insurer or as a coinsurer or
   15  reinsurer, upon an estate, lien, or interest in property located
   16  in this state unless:
   17         1. The contract shows on its face the dollar amount of the
   18  risk assumed; and
   19         2. The dollar amount of the risk assumed does not exceed
   20  one-half of its surplus as to policyholders, unless the excess
   21  is simultaneously reinsured in one or more authorized approved
   22  insurers or one or more reinsurers that may provide reinsurance
   23  under s. 624.610.
   24         Section 2. This act shall take effect July 1, 2016.