Utah Statutes
§ 31A-17-408 — Title insurance reserves.
Utah·Title 31A Insurance Code·Ch. 31A-17 Determination of Financial Condition·Part 31A-17-4 Valuation and Reserves
(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
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Legislative History
Amended by Chapter 198, 2022 General Session
Nearby Sections
15
§ 31A-1-101
Short title.§ 31A-1-102
Purposes.§ 31A-1-103
Scope and applicability of title.§ 31A-1-104
Authorization to do insurance business.§ 31A-1-105
Presumption of jurisdiction.§ 31A-1-106
Residual unlicensed domestic insurers.§ 31A-1-107
Licensees under former Title 31.§ 31A-1-108
Corporations in the process of organizing.§ 31A-1-109
Name of licensee.§ 31A-1-110
Scope of a license.§ 31A-1-201
Construction.§ 31A-1-202
Effect of repeal of former provisions.§ 31A-1-203
Interpretive rules.§ 31A-1-205
Severability.§ 31A-1-301
Definitions.