The Utah Insurance Department adopted amendments to R592-9, Assessment for the Title Insurance Recovery, Education, and Research Fund, and R592-10, Assessment for the Title Licensee Enforcement Restricted Account, to replace references to a rule which was recently repealed.
It amends R592-9.4 to state, “The commission adopts the Annual Title Recovery, Education, and Research Fund assessment in the amount annually established by the Utah Legislature under Section 63J-1-504.”
It amends R592-9.5 to state, “An individual title insurance producer assessment shall be paid in an amount annually established by the Utah Legislature under Section 63J-1-504.”
It amends R592-9.6 to state, “An agency title insurance producer assessment shall be paid in an amount annually established by the Utah Legislature under Section 63J-1-504.”
The amendments to R592-10 update a reference to the former rule R590-102 to now point to the fee-setting process contained in Section 63J-1-504. It also changes the type of employee covered by the assessment to be “one full-time equivalent employee” instead of a specific job, allowing the department flexibility in hiring a well-qualified candidate to fulfill requirements imposed in SB 31, passed during the 2024 General Session.
It amends R592-10-4 to state, “The assessment under Section 31A-23a-415 covers the cost of one full-time equivalent employee, as determined by the department’s budget and approved by the legislature.”
It amends R592-10-7.2 to state, “Payments shall be paid in an amount annually established by the Utah Legislature under Section 63J-1-504.”
The changes went into effect Sept. 10.