Florida Insurance Commissioner Kevin McCarty announced today that the Office of Insurance Regulation has served subpoenas on several members of the title insurance industry, directing them to appear and discuss their industry's sales and business practices.
The public hearing, he said, will take place Thursday at the Senate Office Building, Room 301, at the Capitol in Tallahassee.
Title insurers have been under continuing scrutiny from regulators over the past several years, and a number of major carriers have paid big settlements to states to settle claims they paid kickbacks to contractors and real estate developers to have business steered their way.
As outlined, Steven Parton, OIR general counsel will begin the hearing with opening remarks and a brief introduction of the panel.
The topics of discussion will include: the cost of producing title insurance policies and how these costs relate to insurance premiums; procedures used by companies to audit agents; methods of conducting title searches; use of affiliated business arrangements; use of reinsurance contracts; and efforts to educate and better protect consumers.
The hearing agenda, it was announced, is available on the OIR Web site at http://www.floir.com/pdf/AgendaTitleIns.pdf.
OIR's proceedings will be recorded and broadcast online at http://www.wfsu.org/tfc/, accessible by clicking on "Florida Channel 3." Several days after the hearing, OIR said it will post the video on its Web site at http://www.floir.com/pcfr/RateHearingVideo.htm#OtherHearings.
At the hearing the OIR panel will allow input from interested parties and members of the public. Those unable to attend can forward comments to the OIR at ratehearings@fldfs.com. The subject line of e-mails 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.
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