Instructions For New Title Organization License
Below are specific requirements regarding title.
- 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]
- 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.
- 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.
- Complete 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.
- 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.
- All agents designated to represent an organization must be individually licensed in Utah.
- License fee is $87.00 per two-year period.
- Beginning July 1, 2008, a person applying for an initial title insurance agency license shall pay an assessment of $1,000 at the time of application.
Before Operating as an Agency:
- A certificate of appointment is required from each company represented. Must be filed electronically on SIRCON.
- The Schedule of Minimum Charges for Escrow Services must be filed as required in Utah Administrative Rule (U.A.R.) 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 firstname.lastname@example.org. No paper filings will be accepted.There is a $25 escrow filing fee, that should be mailed to the department. Bulletin 2007-3
Insurance Code, Rules, and Bulletins Specifically Relating to TITLE
(Other laws, rules and bulletins of general application also apply.)
Specific Title Laws
- 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
- 31A-2-405 Dual Licensing
- 31A-14-211 Restrictions on foreign title insurers
- 31A-17-408 Title insurance reserves (Company/Insurer)
- 31A-19a-209 Special provisions for title insurance (Rates)
- 31A-20-109 Single Risk Limitation for Title Insurance
- 31A-20-110 Underwriting rules for title insurance (Policy Retention)
- 31A-23a-204 Special Requirements for title insurance
- 31A-23a-406 Title insurance agents business
- 31A-23a-407 Liability of title insurers for acts of title insurance agents
- 31A-23a-413 Title agents' annual report
- 31A-23a-415 Assessment on title insurers
- 31A-23a-503 Controlled business in title insurance
Specific Title Rules
- R590-99 Renumbered as R592-14, Failure to record
- R590-187 Renumbered as R592-10, Assessment of Title Insurance Agencies & Title Insurers for Costs Related to Regulation of Title Insurance.
- R590-212 Requirements for Interest Bearing Accounts Used by Title Insurance Agencies for Trust Fund Deposits
- R592-1 Title Insurance Licensing
- R592-2 Title Insurance Administrative Hearings and Penalty Imposition
- R592-3 Repealed 4-11-11, Replaced by R592-15: Filing a Schedule of Minimum Charges for Escrow Services
- R592-4 Repealed 4-11-11, Replaced by R592-15: Standards for Minimum Charges for Escrow Services
- R592-5 Title Insurance Product or Service Approval for a Dual Licensed Title Licensee
- R592-6 Unfair Inducements and Marketing Practices in Obtaining Title Insurance Business
- R592-7 Title Insurance Continuing Education Program
- R592-8 Application Process for an Attorney Exemption for Title Agency Licensing
- R592-9 Title Insurance Recovery, Education, and Research Fund Assessment Rule
- R592-10, Assessment of Title Insurance Agencies and Title Insurers for Costs Related to Regulation of Title Insurance Rule; & Office Report Form.
- R592-11, Title Insurance Agents' Annual Reports Rule
- R592-13 - Repealed 5-1-09 - Minimum Charges for Escrow Services.
- R592-14 - Delay or Failure to Record Documents & the Insuring of Properties with the False Appearance of Unmarketability as Unfair Title Insurance Practices.
- R592-15, Submission of a Schedule of Minimum Charges for Escrow Services.
- New R592-16, Prohibited Escrow Settlement Closing Transaction.
Specific Title Bulletins
- Bulletin 90-1 Requirements Pertaining To The Orderly Withdrawal From The Utah Title Insurance Marketplace
- Bulletin 2007-1 Prohibited Escrow Settlement Closing Transactions
- Bulletin 2007-4 Title Insurance Product or Service Approval for a Dual Licensed Title Licensee
- Bulletin 2007-5 Prohibited Split Escrows
- Bulletin 2009-3 Escrow Funds Deposited for Lot Reservations
- Bulletin 2012-1: Title Closing Instructions
- Bulletin 2013-6, Escrow Rates and Fees
- NewBulletin 2014-6: Required Retention of Title and Escrow Records Pursuant to 31A-20-110 and 31A-23a-412.
To view ALL of the rules, bulletins and laws click on the following links.
Other Related Laws
- 31A-2-201 General duties and powers (of Commissioner)
- 31A-2-308 Enforcement penalties and procedures
- 31A-3-103 Fees ?“ See Website
- 31A-4-105 Deposit Required from domestic insurers
- 31A-4-107 "Other Business" ?“ Definition
- 31A-19a-201 Rate standards (general)
- 31A-19a-202 Rating methods
- 31A-19a-203 Rate filings
- 31A-21-102(2) Oral contracts of insurance and binders
- 31A-21-105(1) Representations, warranties and conditions
- 31A-23a-101 Purposes (of General Provisions)
- 31A-23a-104 Application for individual license ?“ Application for agency license
- 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
- 31A-23a-111 Revocation, suspension, surrender, lapsing, or limiting of license
- 31A-23a-112 Probation
- 31A-23a-115 Appointment and listing of insurance producers
- 31A-23a-202 Continuing education requirements ?“ Regulatory authority
- 31A-23a-203 Training period requirements
- 31A-23a-302 Agency designations
- 31A-23a-401 Disclosure of conflicting interests
- 31A-23a-402 Unfair marketing practices
- 31A-23a-405 Insurer liability
- 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 group policyholder
- 31A-23a-411.1 Person's liability if premium received is not forwarded to the insurer
- 31A-23a-412 Place of business and business address ?“ Records
- 31A-23a-501 Licensee compensation
- 31A-23a-504 Sharing commissions
- 31A-23a-605 Penalties and liabilities
- 31A-26-303 Unfair claim settlement practices
- 31A-31-103 Insurance Fraud Act
- 31A-41-202 Assessments
- R590-154 Unfair Marketing Practices Rule
- R590-160 Administrative Proceedings
- R590-170 Fiduciary and Trust Account Obligations
- R590-190 Unfair Property, Liability and Title Claims Settlement Practices Rule
- R590-206 Privacy of Consumer Financial and Health Information Rule
- R590-216 Standards for Safeguarding Customer Information
- R590-225 Submission of Property & Casualty Rate & Form Filings
- R590-244, Individual and Agency Licensing Requirements.
- R590-258 Email Address Requirement.
- Bulletin 2000-2 Written Consent For A Prohibited Person to Engage In The Business of Insurance Under Title 18, United States Code, Sections 1033 and 1034
- Bulletin 2000-3 Written Consent For A Prohibited Person to Engage In The Business of Insurance Under Title 18, United States Code, Sections 1033 and 1034
- Bulletin 2002-4 USA Patriot Act of 2001
- Bulletin 2012-3: Requirements for Agency and Consultant Licenses
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.