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Timeshare Resorts in Florida are affected by a new administrative rule
Effective September 2, 2014, every title insurance policy issued in Florida by any agent or office will have an added surcharge of $3.28 that must be separately charged and remitted in full to the underwriter. These funds will be aggregated for the payment of claims and administration expenses for two failed domestic underwriters that are currently in receivership, National Title Insurance Company (“National Title”) and K.E.L. Title Insurance Group, Inc. (“K.E.L.”).
As you will recall, this charge is being mandated by the Florida Office of Insurance Regulation (“OIR”) not the underwriters.
The surcharges for National Title and K.E.L. have been combined to make the impact on the consumer and the public easier.
Magna Computer Corp’s Timeshare Software incorporates this charge with special field available for our clients. Please email support to get your documents upgraded. This affects all timeshare resorts in Florida that print HUD-1 statements.
Magna Computer Corp’s Vacation Club Software customers should not be affected as they do not issue HUD-1 statements.
As usual this is not legal advice and is only a reflection of information we have seen, please consult legal council to decide if you are affected by this new issue:
Links:
Southern Title referencing the upcoming fee a couple of years ago
Florida Administrative Code and Florida Administrative Register
Magna Computer Corp Sells Timeshare software and vacation club software to timeshare resorts, timeshare marketing companies, owners associations and vacation clubs. This software is workflow management software that provides the most comprehensive analytics to track results from all your data. Contact Lise Forte at 407-352-2402 Option 1 or [email protected]
Summary
Article Name
Florida Title Insurance Policy Surcharge on HUD-1 Statements affect Timeshare Resorts
DescriptionEffective September 2, 2014, every title insurance policy issued in Florida by any agent or office will have an added surcharge of $3.28 that must be separately charged and remitted in full to the underwriter. These funds will be aggregated for the payment of claims and administration expenses for two failed domestic underwriters that are currently in receivership, National Title Insurance Company (“National Title”) and K.E.L. Title Insurance Group, Inc. (“K.E.L.”).
Author
Lise Forte