Utah § 31A-17-408 Title insurance reserves.

Utah Statutes

§ 31A-17-408 — Title insurance reserves.

Utah § 31A-17-408

Title 31AInsurance Code

Ch. 31A-17Determination of Financial Condition

Part 31A-17-4Valuation and Reserves

This text of Utah § 31A-17-408 (Title insurance reserves.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-17-408 (2026).

Text

(1)In addition to an adequate reserve for outstanding losses, a title insurance company shall either:

(1)(a) maintain and segregate an unearned premium reserve fund of not less than 10 cents for each $1,000 face amount of retained liability under each title insurance contract or policy on a single insurance risk issued; or

(1)(b) have the commissioner review and approve a contract of reinsurance applicable to the title insurance company's policies, which contract adequately covers the exposure or risk which the unearned premium reserve would serve.

(2)The fund shall be maintained for the protection of policyholders and is not subject to the claims of stockholders or creditors other than policyholders.

(3)The title insurance company may release the fund in accordance with the standards

Free access — add to your briefcase to read the full text and ask questions with AI

(1) In addition to an adequate reserve for outstanding losses, a title insurance company shall either:

(1)(a) maintain and segregate an unearned premium reserve fund of not less than 10 cents for each $1,000 face amount of retained liability under each title insurance contract or policy on a single insurance risk issued; or
(1)(b) have the commissioner review and approve a contract of reinsurance applicable to the title insurance company's policies, which contract adequately covers the exposure or risk which the unearned premium reserve would serve.
(2) The fund shall be maintained for the protection of policyholders and is not subject to the claims of stockholders or creditors other than policyholders.
(3) The title insurance company may release the fund in accordance with the standards of the NAIC Accounting Practices and Procedures Manual.