Agency: Insurance Line Item: Title Insurance Program Function The 1998 Legislature passed House Bill 265, Title Insurance Amendments, which created Utah Code 31A-23-315. The new 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 | Sources of Finance | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | General Fund | $4,700 | $5,200 | $5,200 | $5,200 | $5,200 | | Dedicated Credits Revenue | $56,400 | $68,100 | $60,300 | $70,500 | $75,000 | | Beginning Nonlapsing | $24,400 | $14,400 | $12,700 | $12,700 | $0 | | Closing Nonlapsing | ($14,400) | ($12,700) | ($12,700) | $0 | $0 | | Total | $71,100 | $75,000 | $65,500 | $88,400 | $80,200 |
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| | Programs: | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Title Insurance Program | $71,100 | $75,000 | $65,500 | $88,400 | $80,200 | | Total | $71,100 | $75,000 | $65,500 | $88,400 | $80,200 |
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| | Categories of Expenditure | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Personnel Services | $60,900 | $65,600 | $54,500 | $71,400 | $74,300 | | In-state Travel | $5,400 | $3,700 | $3,500 | $1,400 | $2,400 | | Out-of-state Travel | $1,900 | $3,000 | $1,800 | $1,000 | $1,000 | | Current Expense | $2,000 | $2,500 | $2,900 | $2,300 | $2,200 | | DP Current Expense | $900 | $200 | $2,800 | $12,300 | $300 | | Total | $71,100 | $75,000 | $65,500 | $88,400 | $80,200 |
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| | Other Indicators | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Budgeted FTE | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 |
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Subcommittee Table of Contents |