BULLETIN 90-1

TO:         All Title Insurance Licensees in the State of Utah

FROM:  Insurance Commissioner

SUBJECT:  Requirements Pertaining to Orderly Withdrawal from the Utah Title                     Insurance Marketplace

This bulletin supersedes Bulletin 82-5, issued February 11, 1982. The only changes from the previous bulletin are the bulletin number and signature line.

The following procedure is established for any title company, agent or organization which is closing its office(s) and will no longer be conducting business in the State of Utah.

At least ten (10) days prior to the final day of operation, the Insurance Commissioner must be notified in writing of the following:

1. Date of closure;

2. Current (or forwarding) address of all agents designated to conduct business under the organization license;

3. Name and address of person, title agency or insurer which will be responsible for completing future matters on behalf of the dissolved title agency;

4. Location of all records, including all files, accounts and bank statements;

5. Written authorization to the Insurance Commissioner giving access to all records; and

6. Information regarding errors and omissions bonds or policies issued to the title agency, including name of insurer(s) and policy number(s).

Title insurance records, files and accounts are not to be removed from the State of Utah without prior written approval from the Insurance Commissioner.

DATED this lst day of December 1990.

Insurance Commissioner

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