Bulletin: FL000112

Date:
March 30, 2005
To:
All Florida Agents
RE:
Department of Financial Services/Office of Insurance Regulation/Increased Investigations

Dear Associates:

We are advised that the Department of Financial Services/ Office of Insurance Regulation (the Department) has stepped up its enforcement of certain regulations.

First, be advised that if you move your office or relocate a Branch Office and fail to advise the Department of the new address and this comes to the attention of the Department at a later date, the Department will impose a fine.  Although this appears to be an administrative oversight in an agent's office, it seems to be an increasing problem and many fines have been assessed against title agencies.

We are further advised that the Department is increasing its efforts to enforce state Statutes and Regulations including such matters as rebates and improperly formed ABA 's.  There are a number of investigations under way and a number have been resolved with fines or stipulations or both.  Stewart Title Guaranty Company distributed to all of its agents in Florida 2 Bulletins, FL000100 issued August 20, 2002, and FL000101 issued January 7, 2003.  You are invited to review those Bulletins which are found in Virtual Underwriter

We are attaching to this Bulletin two exhibits, noted as Exhibits A & B, respectively, previously distributed by the Department; ABA standards (Exhibit A); and, the text of Department Information Bulletin on Improper Practices (Exhibit B).  We urge you to comply with these two Exhibits, all Statutes and the Administrative Code.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
FL000100 Violative Actions, Florida Department of Insurance
 
FL000101 Violative Actions, Florida Department of Insurance - Revisited
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None