R592-11-3. Title Insurance Producer Annual Report

  (1) The following shall file a Title Insurance Producer Annual Report not later than April 30 of each year if they have conducted title insurance business in the State of Utah within the time period described in R592-11-3(4):

  (a) an agency title insurance producer; and

  (b) an individual title insurance producer who is not an employee of a title insurer or who has not been designated to an agency title insurance producer.

  (2) A Title Insurance Producer Annual Report shall consist of:

  (a) a balance sheet and an income and expense statement prepared and presented in conformity with generally accepted accounting principles;

  (i) title premium, including endorsement income and expenses, shall be reported separately from the escrow income and expenses;

  (b) the name and address of each financial institution where a title or escrow trust account is maintained;

  (c) proof of financial protection that complies with Subsection 31A-23a-204(2) shall consist of one or more of the following:

  (i) a copy of the declarations page of a fidelity bond;

  (ii) a copy of the declarations page of a professional liability insurance policy; or

  (iii) a copy of the commissioner's approval of equivalent financial protection approved by the commissioner;

  (d) the name of the individual title insurance producer designated as the "qualifying licensee," as provided in 31A-23a-204; and

  (e) the physical address in Utah maintained by the agency title insurance producer or individual title insurance producer, pursuant to 31A-23a-406(1)(g).

  (3) Subsection R592-11-3-(2)(c) does not apply to an attorney exempted under 31A-23a-204(8).

  (4) The Title Insurance Producer Annual Report period shall be the preceding calendar year.

  (5) A Title Insurance Producer Annual Report will be considered protected data if the producer submitting the report requests classification as a protected record in accordance with Sections 63G-2-305 and 63G-2-309.