COBI 2014 - Title Insurance Program

Compendium of Budget Information for the 2014 General Session

Business, Economic Development, and Labor
Appropriations Subcommittee

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Agency: Insurance

Line Item: Title Insurance Program

Function

Title Insurance Amendments, is found in 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)
General Fund
Dedicated Credits Revenue
GFR - Title Licensee Enforcement
Beginning Nonlapsing
Closing Nonlapsing
Lapsing Balance
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$5,200	$5,200	$3,900	$4,100	$4,400	$0	$4,400	$0	$4,400
$70,500	$0	$0	$0	$0	$0	$0	$0	$0
$0	$75,000	$79,900	$81,300	$84,200	($700)	$83,500	$2,300	$85,800
$12,700	$0	$0	$6,900	$4,700	$2,000	$6,700	($2,800)	$3,900
$0	$0	($6,900)	($6,700)	($1,900)	($2,000)	($3,900)	$3,900	$0
$0	($2,400)	($300)	($1,800)	($100)	$100	$0	$0	$0
$88,400	$77,800	$76,600	$83,800	$91,300	($600)	$90,700	$3,400	$94,100

Programs: (click linked program name to drill-down)
Title Insurance Program
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$88,400	$77,800	$76,600	$83,800	$91,300	($600)	$90,700	$3,400	$94,100
$88,400	$77,800	$76,600	$83,800	$91,300	($600)	$90,700	$3,400	$94,100

Categories of Expenditure (mouse-over category name for definition)
Personnel Services
In-state Travel
Out-of-state Travel
Current Expense
DP Current Expense
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$71,400	$69,100	$68,000	$70,400	$71,900	$2,400	$74,300	$2,000	$76,300
$1,400	$100	$200	$4,700	$1,000	$4,400	$5,400	$600	$6,000
$1,000	$700	$200	$700	$1,600	$800	$2,400	$100	$2,500
$2,300	$900	$1,200	$2,000	$5,300	($2,700)	$2,600	$400	$3,000
$12,300	$7,000	$7,000	$6,000	$11,500	($5,500)	$6,000	$300	$6,300
$88,400	$77,800	$76,600	$83,800	$91,300	($600)	$90,700	$3,400	$94,100

Other Indicators
Budgeted FTE
Actual FTE

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
1.0	1.0	1.1	1.0	1.0	0.0	1.0	0.0	1.0
2.0	1.0	1.1	1.0	0.0	0.0	0.0	0.0	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.