No. 34932 (5-year Review): Rule R592-11. Title Insurance Producer Annual and Controlled Business Reports

DAR File No.: 34932
Filed: 06/15/2011 04:41:20 PM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

The statutory provisions for this rule include: Subsection 31A-2-404(2)(a) that requires the Title and Escrow Commission to make rules related to title insurance; Section 31A-23a-413 that requires the annual filing of a report by each title insurance producer, as defined in Section R592-11-3, containing a verified statement of the producer's financial condition, transactions, and affairs; and Subsection 31A-23a-503(8) requiring the annual filing of a controlled business report. The rule specifies what is to be filed with the producer annual report and controlled business report, when they are to be filed and requires them to be filed electronically.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

Even with the amendment made to the rule in 2009, the department has not received any written comments requesting changes in or repeal of the rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule is needed to establish the form and filing deadline for the Title Insurance Producer Annual Report and Controlled Business Report required by Section 31A-23a-413 and Subsection 31A-23a-503(8)(a). Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Insurance
Title and Escrow Commission
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

• Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Authorized by:

Jilene Whitby, Information Specialist

Effective:

06/15/2011

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