No. 31769: R590-187. Assessment of Title Insurance Agencies and Title Insurers for Costs Related to Regulation of Title Insurance

DAR File No.: 31769
Filed: 07/29/2008, 03:17
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:

Subsection 31A-2-201(3) allows the commissioner to write rules to implement the provisions of Title 31A. Subsection 31A-23a-415(2)(d) requires the Title and Escrow Commission to establish the amount of costs and expenses of administering, investigating, and enforcing the marketing and auditing of title insurance.

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 not received 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 needs to remain in force until the Title and Escrow Commission can adopt a replacement rule to determine the required annual assessment on insurers and agencies licensed to conduct the business of title insurance. The rule provides a methodology for determining the annual assessment. The funds generated from this assessment fund the expenses incurred by a market conduct examiner dedicated to the administration, investigation, and enforcement of statutes and rules pertaining to the marketing of title insurance and the auditing of title agencies. 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