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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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.