No. 43068 (5-year Review): Rule R592-10. Title Insurance Regulation Assessment for Agency Title Insurance Producers and Title Insurers

DAR File No.: 43068
Filed: 07/10/2018 05:18:29 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:

Subsection 31A-2-404(2)(d) requires the Title and Escrow Commission to determine, by rule, the assessment required by Section 31A-23a-415. Subsection 31A-23a-415(2)(d) requires the Title and Escrow Commission to establish the amount of costs and expenses that will be covered by the assessment. This rule establishes categories of costs and expenses incurred by the Department of Insurance (Department) in administering, investigating, and enforcing the provisions of Title 31A, Chapter 23a, Part IV, and Part V related to the marketing of title insurance and the audits of title agencies. This rule requires title insurance agencies and title insurers to report the mailing address and physical location of each office in the county where the title agency or title insurer maintains an office. This rule establishes a calculation method for the calculation of the number of title insurance agencies 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 received no written comments regarding this rule during 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 is necessary to determine the costs and expenses incurred by the Department as it regulates the title insurance industry; these are covered by an assessment to the industry. This rule sets a method of calculation that is important for transparency purposes, as well as for fairness, consistency, and accuracy. The Title and Escrow Commission voted 4 - 0 to continue this rule at its 07/09/2018 meeting.

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]

Effective:

07/10/2018

Authorized by:

Steve Gooch, Information Specialist

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