Title 31A Chapter 41 Section 202

Insurance Code
Title Insurance Recovery, Education, and Research Fund Act
Section 202
Assessments.

            

31A-41-202.   Assessments.

            (1) Beginning January 1, 2009, an agency title insurance producer licensed under this title shall pay an annual assessment determined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, except that the annual assessment:

            (a) may not exceed $1,000; and

            (b) shall be determined on the basis of title insurance premium volume.

            (2) Beginning January 1, 2009, an individual who applies for a license or renewal of a license as an individual title insurance producer, shall pay in addition to any other fee required by this title, an assessment not to exceed $20, as determined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, except that if the individual holds more than one license, the total of all assessments under this Subsection (2) may not exceed $20 in a fiscal year.

            (3) (a) To be licensed as an agency title insurance producer on or after July 1, 2008, a person shall pay to the department an assessment of $1,000 before the day on which the person is licensed as a title insurance agency.

            (b) (i) By no later than July 15, 2008, the department shall assess on an agency title insurance producer licensed as of June 30, 2008, an amount equal to the greater of:

            (A) $1,000; or

            (B) subject to Subsection (3)(b)(ii), 2% of the balance as of December 31, 2007, in the agency title insurance producer's reserve account described in Subsection 31A-23a-204(3).

            (ii) The department may assess on an agency title insurance producer an amount less than 2% of the balance described in Subsection (3)(b)(i)(B) if:

            (A) before issuing the assessments under this Subsection (3)(b) the department determines that the total of all assessments under Subsection (3)(b)(i) will exceed $250,000;

            (B) the amount assessed on the agency title insurance producer is not less than $1,000; and

            (C) the department reduces the assessment in a proportionate amount for agency title insurance producers assessed on the basis of the 2% of the balance described in Subsection (3)(b)(i)(B).

            (iii) An agency title insurance producer assessed under this Subsection (3)(b) shall pay the assessment by no later than August 1, 2008.

            (4) The department may not assess a title insurance licensee an assessment for purposes of the fund if that assessment is not expressly provided for in this section.


Amended by Chapter 319, 2013 General Session