31A-19a-209. Special provisions for title insurance.
(1) (a) (i) The Title and Escrow Commission shall adopt rules subject to Section
31A-2-404, establishing rate standards and rating methods for title agencies and producers.
(ii) The commissioner shall determine compliance with rate standards and rating
methods for title insurance insurers, agencies, and producers.
(b) In addition to the considerations in determining compliance with rate standards and
rating methods as set forth in Sections 31A-19a-201 and 31A-19a-202, including for title
insurers, the commissioner and the Title and Escrow Commission shall consider the costs and
expenses incurred by title insurance insurers, agencies, and producers peculiar to the business of
title insurance including:
(i) the maintenance of title plants; and
(ii) the searching and examining of public records to determine insurability of title to real
redevelopment property.
(2) (a) Every title insurance insurer, agency, and title insurance producer shall file with
the commissioner:
(i) a schedule of the escrow charges that the title insurance insurer, agency, or title
insurance producer proposes to use in this state for services performed in connection with the
issuance of policies of title insurance; and
(ii) any changes to the schedule of the escrow charges described in Subsection (2)(a)(i).
(b) Except for a schedule filed by a title insurance insurer under this Subsection (2), a
schedule filed under this Subsection (2) is subject to review by the Title and Escrow
Commission.
(c) (i) The schedule of escrow charges required to be filed by Subsection (2)(a)(i) takes
effect on the day on which the schedule of escrow charges is filed.
(ii) Any changes to the schedule of the escrow charges required to be filed by Subsection
(2)(a)(ii) take effect on the day specified in the change to the schedule of escrow charges except
that the effective date may not be less than 30 calendar days after the day on which the change to
the schedule of escrow charges is filed.
(3) A title insurance insurer, agency, or producer may not file or use any rate or other
charge relating to the business of title insurance, including rates or charges filed for escrow that
would cause the title insurance company, agency, or producer to:
(a) operate at less than the cost of doing:
(i) the insurance business; or
(ii) the escrow business; or
(b) fail to adequately underwrite a title insurance policy.
(4) (a) All or any of the schedule of rates or schedule of charges, including the schedule
of escrow charges, may be changed or amended at any time, subject to the limitations in this
Subsection (4).
(b) Each change or amendment shall:
(i) be filed with the commissioner, subject to review by the Title and Escrow
Commission; and
(ii) state the effective date of the change or amendment, which may not be less than 30
calendar days after the day on which the change or amendment is filed.
(c) Any change or amendment remains in force for a period of at least 90 calendar days
from the change or amendment's effective date.
(5) While the schedule of rates and schedule of charges are effective, a copy of each shall
be:
(a) retained in each of the offices of:
(i) the title insurance insurer in this state;
(ii) the title insurance insurer's producers in this state; and
(b) upon request, furnished to the public.
(6) Except in accordance with the schedules of rates and charges filed with the
commissioner, a title insurance insurer, agency, or producer may not make or impose any
premium or other charge:
(a) in connection with the issuance of a policy of title insurance; or
(b) for escrow services performed in connection with the issuance of a policy of title
insurance.
Amended by Chapter 325, 2007 General Session
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Last revised: Thursday, May 28, 2009