This filing was published in the 05/15/2008, issue, Vol. 2008, No. 10, of the Utah State Bulletin.
Insurance, Title and Escrow Commission
Title Insurance Recovery, Education, and Research Fund Assessment Rule
NOTICE OF PROPOSED RULE
DAR File No.: 31341
Filed: 04/30/2008, 03:08
Received by: NL
Purpose of the rule or reason for the change:
The purposes of this new rule are to: 1) establish the amounts for individual title insurance producer assessments; and 2) establish the amounts for title insurance agency assessments.
Summary of the rule or change:
The rule provides a process for the Title and Escrow Commission to set the individual producer and agency assessment amounts for the on-going funding of the Title Insurance Recovery, Education, and Research Fund.
State statutory or constitutional authorization for this rule:
Sections 31A-41-202 and 31A-2-308
Anticipated cost or savings to:
the state budget:
The costs to state government are one-time minimal costs to establish the Fund in the Insurance Department's accounting system and in the state's accounting system. The minimal costs associated with the day-to-day operation of the Fund will be absorbed by the existing staff of the Insurance Department.
There is no cost to local government because this rule does not affect local government.
small businesses and persons other than businesses:
There should be minimal cost, if any, to small businesses (title agencies) because the annual assessment will be offset by the deletion of the requirement to maintain a reserve account of 1% of the title agency's written title insurance premium.
Compliance costs for affected persons:
The statute provides a maximum assessment ceiling and directs the Title and Escrow Commission to set the actual assessment each year. The statute repeals the current requirement for a title agency to set aside 1% of its written title insurance premium each year. In many cases, the annual assessment for a title agency for the Recovery Fund will be less than 1% of their written title insurance premium. Individual title insurance producers will pay their assessment of less than $20 once every 2 years when they renew their license.
Comments by the department head on the fiscal impact the rule may have on businesses:
This rule should have a minimal impact on businesses (title insurance agencies) because the annual assessment will be offset by the deletion of the requirement to maintain a reserve account of 1% of the title agency's written title insurance premium. D. Kent Michie, Commissioner
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 email@example.com
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:
Interested persons may attend a public hearing regarding this rule:
6/09/2008 at 10:00 AM, State Capitol Complex, East Building, 420 N State St, Beehive Room, Salt Lake City, UT
This rule may become effective on:
Jilene Whitby, Information Specialist
R592. Insurance, Title and Escrow Commission.
Text to be deleted is struck through and surrounded by brackets (e.g., [
example]). Text to be added is underlined (e.g., ). Older browsers may not depict some or any of these attributes on the screen or when the document is printed.
For questions regarding the content or application of this rule, please contact Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at firstname.lastname@example.org
For questions about the rulemaking process, please contact the Division of Administrative Rules (801-538-3764). Please Note: The Division of Administrative Rules is NOT able to answer questions about the content or application of these administrative rules.
Last modified: 05/14/2008 3:03 PM