CFO Atwater warns of Unauthorized Insurers

06/21/2011 10:34 PM | Anonymous

CFO Jeff Atwater's office asked that we remind our members that it is illegal to write title insurance policies on insurers who are not currently authorized in Florida; and that any agent or other person who, directly or indirectly, aids or represents an unauthorized insurer can lose their licenses or face other disciplinary sanctions.  A copy of his memorandum can be accessed here.  

Agencies writing policies in multiple states are at particular risk of inadvertent violations -- simply by grabbing the wrong policy jacket for a Florida transaction.   

While it is not addressed in this memorandum, it is also a violation to issue an unauthorized policy form insuring Florida real property. The 2006 policy forms approved in Florida differ from the ALTA standards in some key respects -- so make certain that you are only issuing policy and endorsement forms "with Florida modifications" on your Florida transactions.

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