No. 28846: R590-136. Title Insurance Agents' Annual Reports

DAR File No.: 28846
Filed: 06/27/2006, 10:31
Received by: NL

 

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:

Section 31A-23a-413 requires that the insurance commissioner write a rule to specify the date to be filed and forms to be used by title producers in filing an annual financial report with the commissioner. Section R590-136-4 of the rule establishes the forms and information to be filed with the commissioner. Section R590-136-5 sets the date to be filed annually. Subsection 31A-23a-503(8) specifies controlled business information to be filed with the report required in Section 31A-23a-413. Section R590-136-5 of the rule sets forth forms to be used in reporting to the commissioner and the information to be reported.

 

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

The department has received no written comments regarding this rule in the past five years.

 

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

This rule allows the department to determine the financial solvency of an agency handling escrow trust funds. Since there are no capital reserve requirements and the agencies handle substantial amounts of the public's money, solvency is paramount to public safety. 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
Administration
Room 3110 STATE OFFICE BLDG
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