COBI 2013 - Title Insurance Program

Compendium of Budget Information for the 2013 General Session

Business, Economic Development, & Labor
Appropriations Subcommittee

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Agency: Insurance

Line Item: Title Insurance Program

Function

The 1998 Legislature passed House Bill 265, Title Insurance Amendments, which created Utah Code 31A-41. The law allows an assessment on title insurance companies and agencies to pay for any cost or expense incurred by the Insurance Department in the administration, investigation and enforcement of code provisions as related to the marketing of title insurance. The need to regulate the marketing of title insurance has been realized by the title insurance industry and the department. This program provides an additional qualified person who will respond to industry complaints.

Funding Detail

Funding for the Title Insurance program is used for staff, under direction of the Insurance Commissioner and Title Escrow Commission, to administer, investigate and enforce all code provisions as mentioned previously in the marketing of title insurance. Funding for all these activities comes from the Title Licensee Enforcement Restricted Account.

Sources of Finance (click linked fund name for more info)	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
General Fund	$5,200	$5,200	$5,200	$3,900	$4,100
Dedicated Credits Revenue	$60,300	$70,500	$0	$0	$0
GFR - Title Licensee Enforcement	$0	$0	$75,000	$79,900	$81,300
Beginning Nonlapsing	$12,700	$12,700	$0	$0	$0
Closing Nonlapsing	($12,700)	$0	$0	($6,900)	$0
Lapsing Balance	$0	$0	($2,400)	($300)	$0
Total	$65,500	$88,400	$77,800	$76,600	$85,400

Programs: (click linked program name to drill-down)	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
Title Insurance Program	$65,500	$88,400	$77,800	$76,600	$85,400
Total	$65,500	$88,400	$77,800	$76,600	$85,400

Categories of Expenditure (mouse-over category name for definition)	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
Personnel Services	$54,500	$71,400	$69,100	$68,000	$70,000
In-state Travel	$3,500	$1,400	$100	$200	$1,200
Out-of-state Travel	$1,800	$1,000	$700	$200	$1,600
Current Expense	$2,900	$2,300	$900	$1,200	$2,200
DP Current Expense	$2,800	$12,300	$7,000	$7,000	$10,400
Total	$65,500	$88,400	$77,800	$76,600	$85,400

Other Indicators	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
Budgeted FTE	0.0	1.0	1.0	1.1	1.0
Actual FTE	1.9	2.0	1.0	1.1	0.0

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COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.