31A-19a-209 - Special provisions for title insurance.
31A-19a-209. Special provisions for title insurance.
(1) (a) (i) The Title and Escrow Commission shall adopt rules subject to Section31A-2-404, establishing rate standards and rating methods for title agencies and producers.
(ii) The commissioner shall determine compliance with rate standards and ratingmethods for title insurance insurers, agencies, and producers.
(b) In addition to the considerations in determining compliance with rate standards andrating methods as set forth in Sections 31A-19a-201 and 31A-19a-202, including for titleinsurers, the commissioner and the Title and Escrow Commission shall consider the costs andexpenses incurred by title insurance insurers, agencies, and producers peculiar to the business oftitle insurance including:
(i) the maintenance of title plants; and
(ii) the searching and examining of public records to determine insurability of title to realredevelopment property.
(2) (a) Every title insurance insurer, agency, and title insurance producer shall file withthe commissioner:
(i) a schedule of the escrow charges that the title insurance insurer, agency, or titleinsurance producer proposes to use in this state for services performed in connection with theissuance of policies of title insurance; and
(ii) any changes to the schedule of the escrow charges described in Subsection (2)(a)(i).
(b) Except for a schedule filed by a title insurance insurer under this Subsection (2), aschedule filed under this Subsection (2) is subject to review by the Title and EscrowCommission.
(c) (i) The schedule of escrow charges required to be filed by Subsection (2)(a)(i) takeseffect on the day on which the schedule of escrow charges is filed.
(ii) Any changes to the schedule of the escrow charges required to be filed by Subsection(2)(a)(ii) take effect on the day specified in the change to the schedule of escrow charges exceptthat the effective date may not be less than 30 calendar days after the day on which the change tothe schedule of escrow charges is filed.
(3) A title insurance insurer, agency, or producer may not file or use any rate or othercharge relating to the business of title insurance, including rates or charges filed for escrow thatwould cause the title insurance company, agency, or producer to:
(a) operate at less than the cost of doing:
(i) the insurance business; or
(ii) the escrow business; or
(b) fail to adequately underwrite a title insurance policy.
(4) (a) All or any of the schedule of rates or schedule of charges, including the scheduleof escrow charges, may be changed or amended at any time, subject to the limitations in thisSubsection (4).
(b) Each change or amendment shall:
(i) be filed with the commissioner, subject to review by the Title and EscrowCommission; and
(ii) state the effective date of the change or amendment, which may not be less than 30calendar days after the day on which the change or amendment is filed.
(c) Any change or amendment remains in force for a period of at least 90 calendar daysfrom the change or amendment's effective date.
(5) While the schedule of rates and schedule of charges are effective, a copy of each shallbe:
(a) retained in each of the offices of:
(i) the title insurance insurer in this state;
(ii) the title insurance insurer's producers in this state; and
(b) upon request, furnished to the public.
(6) Except in accordance with the schedules of rates and charges filed with thecommissioner, a title insurance insurer, agency, or producer may not make or impose anypremium or other charge:
(a) in connection with the issuance of a policy of title insurance; or
(b) for escrow services performed in connection with the issuance of a policy of titleinsurance.
Amended by Chapter 325, 2007 General Session