COBI 2015 - Title Insurance Program

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

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 History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $123,600 from all sources for Title Insurance Program. This is a 37 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $4,400 from the General/Education Funds, a change of 0 percent from revised Fiscal Year 2015 estimates.

Appropriation Adjustments

In addition to statewide compensation and internal service fund cost increases, the following appropriation adjustments were made during the 2015 General Session:

DescriptionOngoingOne-Time Title and Escrow Modifications$20,000$0

OngoingOne-TimeFinancing Source

$20,000$0GFR - Title Licensee Enforcement

Revenue to the Title License Enforcement Restricted Account will increase by $20,000 from the adjustment of the statutory cap. Expenditures associated with the adjustment of the statutory cap are estimated at $20,000.

Title Insurance Restricted Fund Increase$9,800$0

OngoingOne-TimeFinancing Source

$9,800$0GFR - Title Licensee Enforcement

Restricted fund allocation to keep up with program growth.

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.

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Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Programs	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Title Insurance Program	77,800	76,600	83,800	79,700	94,100	(3,900)	90,200	33,400	123,600
Total	$77,800	$76,600	$83,800	$79,700	$94,100	($3,900)	$90,200	$33,400	$123,600

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	5,200	3,900	4,100	4,400	4,400	0	4,400	0	4,400
GFR - Title Licensee Enforcement	75,000	79,900	81,300	84,500	85,800	0	85,800	32,800	118,600
Beginning Nonlapsing	0	0	6,900	6,700	3,900	7,800	11,700	0	11,700
Closing Nonlapsing	0	(6,900)	(6,700)	(11,700)	0	(11,700)	(11,700)	600	(11,100)
Lapsing Balance	(2,400)	(300)	(1,800)	(4,200)	0	0	0	0	0
Total	$77,800	$76,600	$83,800	$79,700	$94,100	($3,900)	$90,200	$33,400	$123,600

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	69,100	68,000	70,400	71,900	76,300	1,200	77,500	32,600	110,100
In-state Travel	100	200	4,700	1,800	6,000	(3,800)	2,200	0	2,200
Out-of-state Travel	700	200	700	0	2,500	(500)	2,000	0	2,000
Current Expense	900	1,200	2,000	1,500	3,000	(500)	2,500	600	3,100
DP Current Expense	7,000	7,000	6,000	4,500	6,300	(300)	6,000	200	6,200
Total	$77,800	$76,600	$83,800	$79,700	$94,100	($3,900)	$90,200	$33,400	$123,600

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Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Budgeted FTE	1	1.10	1	0	1	(1)	0	0	0
Actual FTE	1	1.10	1	0	0	0	0	0	0

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.