Doing Business Requirements in Florida

Category	Information Summary
Agency Capitalization Required by State	N/A (see Fla. Stat. Ann. 626.8418 re minimum securities deposit or alternate surety bond post)
Agency Net Worth Required by State	N/A
Title Plant Ownership/Access	Not Required
Title Plant Costs Where Ownership/Access Required	N/A
Controlled Business Considerations	Not as to Title Insurance\|
Agency Residency	Required in some situations. See Retaliatory Issues below
Registration with Department of State	Required; Foreign Entities Allowed
Individual Residency	Required in some situations. See Retaliatory Issues below
Title Agency Naming Conventions	N/A
E & O	$250,000 per claim with an aggregate limit and with a deductible no greater than $10,000
Fidelity	$50,000
Surety	$35,000
Residency Status	Non-Residents	Residents
Title Agency Licensing	Required	Required
Title Agency Licensing Fees	$10.00 + $58.25 fingerprint fee per majority owner, partner, officer and/or director	$10.00 + $58.25 fingerprint fee per majority owner, partner, officer and/or director
Title Agency Appointment by Underwriter	Required	Required
Individual Title Insurance Producer Licensing	Required	Required
Individual Title Insurance Producer Licensing Fees	$129.25 ($10 application, $58.25 fingerprint, $56 exam, $5 license card)	$129.25 ($10 application, $58.25 fingerprint, $56 exam, $5 license card)
Individual Title Insurance Producer Appointment by Underwriter	Required	Required
Individual Title Insurance Producer Exam prior to Licensing	Required	Required
Individual Title Producer Fingerprints and/or Background Check	Required	Required
Individual Title Producer Continuing Education ("CE")	10 hours with 3 in ethics every two years	10 hours with 3 in ethics every two years
Agency Renewal Term	Continuous	Continuous
Agent Renewal Term	Continuous	Continuous
Reciprocity Exam	No
Reciprocity Continuing Education	No
Retaliatory Issues	Residents of the following states do not qualify for a FL license: AL, AK, ID, IA, NV, OR, SD, TX, UT and WA
Separate Escrow License/Registration	Not Required
Separate Escrow License/Registration for non-Title Agent	Not Required
Escrow Accounts	Funds must be held in an FDIC or National Credit Union Share Insurance Fund insured depository institution licensed to transact business in FL Fla. Stat. 626.8473(3)
Audit	Underwriter must require an annual accounting of outstanding policy forms in Agent's possession. Fla. Stat. Ann 627.7773(1) Monthly Three-way reconcilliation required to be submitted to underwriter. Fla. Admin Code 69O-186.009(1)
Financial Reporting	Annual Data Call required beginning 2014 (first report due 2015). Fla. Stat. 627.782
Agent Filings	Annual Surcharge of $200 due every January. Fla. Stat. 624.501(27)(e)
Underwriter Filed Escrow Rates	No
Attorney Involvement	N/A
Special Considerations	Resident and Non-Resident Florida licensed attorneys in good standing are exempt from the licensing requirements Within the 4 years immediately preceding the date of the application for license, the applicant must have completed a 40-hour classroom course in title insurance, 3 hours of which shall be on the subject matter of ethics, as approved by the department, or must have had at least 12 months of experience in responsible title insurance duties, while working in the title insurance business as a substantially full-time, bona fide employee of a title agency, title agent, title insurer, or attorney who conducts real estate closing transactions and issues title insurance policies At time of application and throughout the existence of the license, the agency must provide the name, social security number, and address of a title agent or an attorney in good standings with the Florida Bar. The licensed title agent or a licensed attorney must be in full time charge of the agency office In addition to the individual agent being fingerprinted, the majority owner, partner, officer and director of the agency must be fingerprinted
Regulatory Search Requirements	reasonable Fla. Stat. Ann. 627.7845 (1)
Retention of Records: Title	7 years - Fla. Stat. Ann. 627.7845
Retention of Records: Escrow	5 years for escrow account records [Ad. Rule 69O-186.009(1)]; 3 years for real estate closing escrow records [Ad. Rule 69O-186.009(2)]
All Inclusive Rate	No
Websites
WFG National Title Insurance Company	http://www.willistonfinancial.com/
Department of Insurance	http://www.floir.com/
Department of State	http://www.dos.state.fl.us/