Commonwealth Land Title Insurance Company

Commonwealth Land Title Insurance Company has refused a request from the Florida Department of Insurance to provide them with customer information regarding the alleged withholding of reissue benefits from Florida insureds. It is alleged that Commonwealth, by and through their agent, Southern Escrow and Title Company of Miramar Beach, was not informing customers that, under certain circumstances, they were entitle by law to up to a 30% reissue discount.

The Florida Land Title Association, the state trade association and voice of the abstract and title insurance industry based in Tallahassee, has agreed that, if true, this is in violation of law. Commonwealth has been brought to task for this same conduct in many other states as well.

Commonwealth has offered to pay any insured that was entitle to, but did not receive, a discount twenty-five cents on the dollar, citing that the agent, Southern, received the bulk of the policy premiums. Southern has thus far refused any and all customer requests for refunds.

This was brought to the attention of the DFS by an insured that provided the department with the names of approximately 100 insureds of Southern that appeared not to have been advised of the discount. Commonwealth cited privacy as their reason for not cooperating with the department. However, Florida law mandates that they comply.

We will not have to wait and see how the Department of Financial Services reacts to this slap in the face by Commonwealth. If it were up to me, Commonwealth's stay in Florida would terminate immediately. Insurers have taken advantage of us for too long.

Until next time.

Joe