Commissioner McCarty Schedules Public Hearing On Title Insurance

The Florida Office of Insurance Regulation has issued the following press release regarding subpoenas it has served on members of the title insurance industry.

Should you have any comments or questions, please do not hesitate to contact this office.

 

Commissioner McCarty Schedules Public Hearing On Title Insurance 

TALLAHASSEE (08/20/2007) – Florida Insurance Commissioner Kevin McCarty served subpoenas on several members of the title insurance industry, directing them to appear before a panel of the Office of Insurance Regulation (Office) to discuss matters involving the sales and business practices of title insurance in Florida.

The public hearing will take place at the Senate Office Building, Room 301, at the Capitol on August 23, 2007, from 9:30 a.m. to 2:00 p.m.

Steven Parton, the General Counsel for the Office, will begin the hearing with opening remarks and a brief introduction of the panel. The topics of discussion will include: (1) The cost of producing title insurance policies and how these costs relate to insurance premiums; (2) Procedures used by companies to audit agents; (3) Methods of conducting title searches; (4) Use of affiliated business arrangements; (5) Use of reinsurance contracts; and (6) Efforts to educate and better protect consumers.

The hearing agenda is available on the Office’s website by clicking here and the subpoenas served on the title insurers can be viewed by clicking here.

The Florida Channel will record the hearing and broadcast it live over the Internet. To view the live webcast, go to: http://www.wfsu.org/tfc/ and select “Florida Channel 3.”  Several days after the hearing, the Office will post the video on its website at http://www.floir.com/pcfr/RateHearingVideo.htm#OtherHearings.

The panel will allow input from interested parties and members of the public. Those unable to attend the hearing are welcome to forward comments to the Office at ratehearings@fldfs.com.  The subject line of emails should read Title Insurance Hearing. The schedule of upcoming public hearings and the television schedule to view them are located on the Office’s Web site at http://www.floir.com/pcfr/RateHearings.htm.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this hearing should telephone Amanda Parnell at (850) 413-4281 or e-mail her at amanda.parnell@fldfs.com at least 48 hours prior to the hearing.