Before Operating as an Agency:
- A certificate of appointment is required from each company represented. It must be filed electronically in SIRCON.
- The Schedule of Minimum Charges for Escrow Services must be filed as required in Utah Administrative Rule (U.A.C.) R592-15, Submission of a Schedule of Minimum Charges for Escrow Services. 30-day waiting period is waived for the initial filing of escrow charges only.
- All escrow filings should be sent to email@example.com. No paper filings will be accepted. There is a $25 escrow filing fee that needs to be mailed to the department.
Specific requirements regarding title insurance agencies:
- 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.
- A title insurance organization must maintain a fidelity bond or a professional liability insurance policy in an amount no less than $250,000 [Utah Code Annotated (U.C.A.) Subsection 31A-23a-204(2)]. Proof of this bond or policy must be submitted with the application.
- All agents designated to represent an organization must be individually licensed in Utah.
- New two year license (includes fingerprint expense): $109.75.
- Two year renewal license fee: $75.00.
- 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 preceding 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 [U.C.A. Subsection 31A-23a-204].
- A person applying for an initial title insurance agency license after July 1, 2008 shall pay an assessment of $1,000.00 at the time of application.
Unless all questions are fully answered and all forms and fees required by this application are completed and attached, the application cannot be processed.