Florida Data Call
The Data Call is the process by which Florida DFS-licensed title agencies (Florida and non-resident agencies) and underwriters will submit information about their businesses to the Florida Office of Insurance Regulation (OIR). The data will be used by the OIR to review and possibly adjust the Florida promulgated title premium rates. The Data Call does not apply to attorneys or law firms licensed by The Florida Bar (i.e. not licensed by the Florida Department of Financial Services).
Under current Florida law, starting in 2015, data for the previous year must be submitted by March 31 of the current year. Failure to comply by the deadline could subject you to fines, penalties or even the loss of your agency license.
The information to be submitted is comprehensive. We encourage you to review your procedures and systems and make necessary adjustments now, so that you can capture the required information from each file as you go. You don’t want to wait until the deadline next year to look at the data call form and realize you have insufficient data and have to spend hours of time (and money) to back-track months of closings to gather the required information!
2014 Data Call Update
The OIR has issued a report on the status of the Data Call for 2014. Over 1,800 title insurance agencies submitted their data call information. To read the detailed report from the OIR, please click here. Remember, this is an annual event so make sure you are preparing yourself for next year’s submission.