The Florida Department of Financial Services on May 15 issued Directive 20-10, announcing it will suspend enforcement of the title agent data call until Sept. 1.
Under Section 627.782, of the Florida Statutes, every title agency and insurer licensed in the state, and each insurer’s direct or retail business in the state, must maintain and submit information, including revenue, loss, and expense data.
The information is required to be submitted annually by May 31.
The directive states, “The Department of Financial Services shall not enforce the provisions of Sections 626.8437(9), and 626.8437(11), Florida Statutes, with respect to title insurance agents and agencies who do not meet the May 31 deadline provided in Section 627.782(8), Florida Statutes. The suspension of enforcement actions shall remain in effect until Sept. 1, 2020.”
The Florida Land Title Association earlier this spring wrote a letter to state Chief Financial Officer Jimmy Patronis requesting that the data call be delayed until September.
The letter noted that recently approved improvements to the data call caused the submission form to be delayed for public use until late-February, causing a delay and rush to meet the required deadline. Then the governor issued his stay-in-place orders in March, requiring the need for a shift in focus. The requested delay was until Sept. 30.