No. 43187 (Amendment): Section R592-10-5. Office Report

(Amendment)

DAR File No.: 43187
Filed: 09/12/2018 04:41:35 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The amendment to this rule is being made at the direction of the Title and Escrow Commission by a vote of 5 to 0.

Summary of the rule or change:

This rule is being amended to remove a requirement that title agencies must report to the Insurance Department (Department) a change in the manager of an office.

Statutory or constitutional authorization for this rule:

• Section 31A-2-201
• Section 31A-23a-415

Anticipated cost or savings to:

the state budget:

There is no anticipated cost or savings to the state budget. This change removes a reporting requirement for a somewhat uncommon event, so the state will not save money on not processing manager changes.

local governments:

There is no anticipated cost or savings to local governments. This rule change only applies to interactions between the Department and its licensees.

small businesses:

There is no anticipated cost or savings to small businesses. There is no cost to report to the Department changes in the manager of an office, so there will be no savings for not reporting them.

persons other than small businesses, businesses, or local governmental entities:

There is no anticipated cost or savings to other persons. There is no cost to report to the Department changes in the manager of an office, so there will be no savings for not reporting them.

Compliance costs for affected persons:

There are no compliance costs for affected persons. This change removes a reporting requirement, which does not create a cost.

Comments by the department head on the fiscal impact the rule may have on businesses:

After conducting a thorough analysis, it was determined that this proposed rule amendment will not result in a fiscal impact to businesses.

Todd E. Kiser, Commissioner

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

Insurance
Title and Escrow Commission
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

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

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

10/31/2018

This rule may become effective on:

11/07/2018

Authorized by:

Steve Gooch, Information Specialist

RULE TEXT

Appendix 1: Regulatory Impact Summary Table*

Fiscal Costs

FY 2019

FY 2020

FY 2021

State Government

$0

$0

$0

Local Government

$0

$0

$0

Small Businesses

$0

$0

$0

Non-Small Businesses

$0

$0

$0

Other Person

$0

$0

$0

Total Fiscal Costs:

$0

$0

$0

Fiscal Benefits

State Government

$0

$0

$0

Local Government

$0

$0

$0

Small Businesses

$0

$0

$0

Non-Small Businesses

$0

$0

$0

Other Persons

$0

$0

$0

Total Fiscal Benefits:

$0

$0

$0

Net Fiscal Benefits:

$0

$0

$0

 

*This table only includes fiscal impacts that could be measured. If there are inestimable fiscal impacts, they will not be included in this table. Inestimable impacts for State Government, Local Government, Small Businesses and Other Persons are described in the narrative. Inestimable impacts for Non - Small Businesses are described in Appendix 2.

 

Appendix 2: Regulatory Impact to Non - Small Businesses

This rule change is not expected to have any fiscal impacts on non-small businesses revenues or expenditures, because this rule change removes a requirement that title agencies must report to the Insurance Department a change in the manager of an office. There is no cost to report such changes to the Department, so there will be no savings for not reporting them.

 

The head of the Insurance Department, Todd E. Kiser, has reviewed and approved this fiscal analysis.

 

 

R592. Insurance, Title and Escrow Commission.

R592-10. Title Insurance Regulation Assessment for Agency Title Insurance Producers and Title Insurers.

R592-10-5. Office Report.

(1) An agency title insurance producer and a title insurer shall submit a completed Office Report Form not later than 30 days after the date a change described below occurs in a county where the agency title insurance producer or title insurer maintains an office:

(a) the opening or closing of an office; or

(b) a change of address of an office[; or

(c) a change in the manager of an office].

(2) An Office Report Form shall be submitted electronically via email to [e-mail].

(3) The department's Office Report Form, which is available on the department's website, shall be used to report changes in offices.

(a) An actual copy of the form may be used or may be adapted to a particular word processing system.

(b) If adapted, the content, size, font, and format must be similar.

 

KEY: title insurance

Date of Enactment or Last Substantive Amendment: [May 19, 2009]2018

Notice of Continuation: July 10, 2018

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-23a-415

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