No. 37841 (5-year Review): Rule R592-10. Title Insurance Regulation Assessment for Title Insurance Agencies and Title Insurers

DAR File No.: 37841
Filed: 07/12/2013 11:01:17 AM

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-2-404(2)(d) requires the Commission to determine by rule the assessment required by Section 31A-23a-415; and Subsection 31A-23a-415(2)(d) requires the Commission to establish the amount of costs and expenses that will be covered by the assessment. The rule establishes categories of costs and expenses incurred by the department in administering, investigating and enforcing the provisions of Title 31A, Chapter 23a, Parts IV and V related to the marketing of title insurance and the audits of title agencies; requires the reporting by a title insurance agency and a title insurer of the mailing address and physical location of each office in each county where the title agency or title insurer maintains an office; establishes a calculation method for the calculation of the number of title insurance agency or title insurer offices; and determines the premium year used in calculating the assessment of title insurers.

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 any 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:

As long as the department is required to assess the title insurance industry for costs and expenses incurred to regulate the title industry, the rule is necessary to determine what those costs and expenses are. The rule sets a method of calculation important for transparency purposes, as well as for fairness, consistency and accuracy. 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
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:

Todd Kiser, Commissioner

Effective:

07/12/2013

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