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Instructions For Title Organization License (Requirements effective 7-1-2007) 1. A person that receives a new license on or after July 1, 2007 as a title insurance agency, shall at the time of licensure be owned or managed by one or more natural persons who are licensed with the following lines of authority for at least three of the five years immediately proceeding the date on which the title insurance agency applies for a license: Both a search line of authority; and escrow line of authority; or a search and escrow line of authority. [31A-23a-204 (1)] 2. Utah Insurance Department Rule R590-154 requires that the name of an insurance agency licensed in the State of Utah must not be (1) misleading or deceptive; (2) likely to be mistaken for another licensee already in business; or (3) implies association or connection with any other organization where actual bona fide association or connection does not exist. 3. The agency shall include words such as "Title Insurance Agency” in the agency’s name OR the agency shall state that it is a title insurance agency in any letterhead, business cards, advertising, slogan, emblem, or other promotional material used or distributed by the agency in the State of Utah. No agency is allowed to use the word “Company” in their name. 4. Complete application (front & back). Unless all questions are fully answered and all forms and fees required by this application are completed and attached, the application cannot be processed. 5. A title insurance organization must maintain a fidelity bond or a professional liability insurance policy in an amount no less that $50,000 [Utah Insurance Code 31A-23a-204(2)]. Proof of this bond or policy must be submitted with the application. 6. All agents designated to represent an organization must be individually licensed in Utah.
7.
License
fee is $87.00 per two-year period.
Before Operating as an Agency:
3.
3.
A 1% Reserve Trust Account must be established as outlined in
U.C.A.
31A-
Title Insurance Code, Rule,
and Bulletin References 31A-2-201 General duties and powers (of Commissioner) Rule R590-160 Administrative Proceedings 31A-2-308 Enforcement penalties and procedures 31A-2-401 Title and Escrow Commission Act 31A-2-402 Definitions 31A-2-403 Title and Escrow Commission Created 31A-2-404 Duties of the Commissioner and Title and Escrow Commission R592-1 Title Insurance Licensing R592-2 Title Insurance Administrative Hearings and Penalty Imposition 31A-2-405 Dual Licensing
Rule R592-5
Title Insurance Product or Service Approval for a Dual 31A-3-103 Fees – See Website 31A-4-105 Deposit Required from domestic insurers 31A-4-107 "Other Business" – Definition 31A-14-211 Restrictions on foreign title insurers 31A-17-408 Title insurance reserves (Company/Insurer) 31A-19a-201 Rate standards (general) 31A-19a-202 Rating methods 31A-19a-203 Rate filings 31A-19a-209 Special provisions for title insurance (Rates) Rule R590-225 Submission of Property & Casualty Rate & Form Filings Rule R592-3 Filing a Schedule of Minimum Charges for Escrow Services Rule R592-4 Standards for Minimum Charges for Escrow Services 31A-20-109 Single Risk Limitation for Title Insurance 31A-20-110 Underwriting rules for title insurance (Policy Retention) 31A-21-102(2) Oral contracts of insurance and binders 31A-21-105(1) Representations, warranties and conditions Bulletin 93-2 Lenders’ Valid First Lien Letter Request 31A-23a-101 Purposes (of General Provisions)
31A-23a-104
Application for individual license – Application for agency 31A-23a-105 General requirements for license issuance and renewal 31A-23a-106 License types 31A-23a-107 Character requirements 31A-23a-108 Examination Requirements Rule R590-118 Licensing Examination Rule
31A-23a-111
Revocation,
suspension, surrender, lapsing, or limiting of
Rule R590-141 Individual and Agency Lapse and Reinstatement Rule 31A-23a-112 Probation 31A-23a-115 Appointment and listing of insurance producers
Rule R590-101
Appointment and Termination of Individuals Licensed as Rule R590-123 Additions and Deletions of Designees by Organizations 31A-23a-202 Continuing education requirements – Regulatory authority Rule R590-142 Continuing Education Rule 31A-23a-203 Training period requirements
31A-23a-204
Special requirements for title insurance - 1% Reserve Trust
31A-23a-204
Special requirements for title insurance – 1% Reserve Trust
Rule R590-190
Unfair Property, Liability and Title Claims Settlement
Bulletin 90-1
Requirements Pertaining To The Orderly Withdrawal From
The 31A-23a-302 Agency designations 31A-23a-401 Disclosure of conflicting interests 31A-23a-402 Unfair marketing practices Rule R590-99 Failure to record
Rule
R590-153 Unfair
Inducements and Marketing Practices in Obtaining Title Rule R590-154 Unfair Marketing Practices Rule 31A-23a-405 Insurer liability 31A-23a-406 Title insurance agents business Rule R590-170 Fiduciary and Trust Account Obligations
Rule
R590-212 Requirements
for Interest Bearing Accounts Used by Title Bulletin 2007-1 Prohibited Escrow Settlement Closing Transactions 31A-23a-407 Liability of title insurers for acts of title insurance agents 31A-23a-408 Representations of agency 31A-23a-409 Trust obligation for funds collected
31A-23a-410 Insurer’s liability if insured pays
premium to a licensee or
31A-23a-411.1
Person’s liability if premium received is not forwarded to 31A-23a-412 Place of business and business address – Records 31A-23a-413 Title agents' annual report Rule R590-136 Title Insurance Agents’ Annual Reports
Bulletin 90-8 Insurance
Department rule R590-136, Title Insurance Agents’ 31A-23a-415 Assessment on title insurers
Rule
R590-187
Assessment of Title Insurance
Agencies & Title Insurers for 31A-23a-501 Licensee compensation 31A-23a-503 Controlled business in title insurance 31A-23a-504 Sharing commissions 31A-23a-605 Penalties and liabilities 31A-26-303 Unfair claim settlement practices
Rule R590-190
Unfair Property, Liability and Title Claims Settlement 31A-31 Insurance Fraud Act
Bulletin 2000-2 Written Consent
For A Prohibited Person to Engage In The
Bulletin 2000-3 Written Consent
For A Prohibited Person to Engage In The
Bulletin 2002-4 USA Patriot Act of 2001 The highlighted references are specific to title insurance only. The unhighlighted references are for all lines of insurance. You are responsible to know and follow all statutes, rules and bulletins in the operation of your business. This information is for your convenience only and should not be considered comprehensive in its scope. |