Utah § 31A-23a-119 Special requirements for agency title insurance producers.

Utah Statutes

§ 31A-23a-119 — Special requirements for agency title insurance producers.

Utah § 31A-23a-119

Title 31AInsurance Code

Ch. 31A-23aInsurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries

Part 31A-23a-1General Provisions

This text of Utah § 31A-23a-119 (Special requirements for agency title insurance producers.) 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-23a-119 (2026).

Text

(1)As used in this section:

(1)(a) "Applicable percentage" means:

(1)(a)(i) on January 1, 2024, through December 31, 2024, 2.5%;

(1)(a)(ii) on January 1, 2025, through December 31, 2025, 3%;

(1)(a)(iii) on January 1, 2026, through December 31, 2026, 3.5%;

(1)(a)(iv) on January 1, 2027, through December 31, 2027, 4%; and

(1)(a)(v) on January 1, 2028, through December 31, 2028, 4.5%.

(1)(b) "Sufficient capital and net worth" means:

(1)(b)(i) for a new title entity:

(1)(b)(i)(A) $100,000 for the first five years after becoming a new agency title insurance producer; or

(1)(b)(i)(B) after the first five years after becoming a new agency title insurance producer, the greater of $50,000, or on January 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over t

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

(1) As used in this section:
(1)(a) "Applicable percentage" means:
(1)(a)(i) on January 1, 2024, through December 31, 2024, 2.5%;
(1)(a)(ii) on January 1, 2025, through December 31, 2025, 3%;
(1)(a)(iii) on January 1, 2026, through December 31, 2026, 3.5%;
(1)(a)(iv) on January 1, 2027, through December 31, 2027, 4%; and
(1)(a)(v) on January 1, 2028, through December 31, 2028, 4.5%.
(1)(b) "Sufficient capital and net worth" means:
(1)(b)(i) for a new title entity:
(1)(b)(i)(A) $100,000 for the first five years after becoming a new agency title insurance producer; or
(1)(b)(i)(B) after the first five years after becoming a new agency title insurance producer, the greater of $50,000, or on January 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000; or
(1)(b)(ii) for a title entity licensed before May 14, 2019:
(1)(b)(ii)(A) for the time period beginning on January 1, 2020, and ending on December 31, 2029, the lesser of an amount equal to the applicable percentage of the title entity's average annual gross revenue over the two calendar years immediately preceding the January 1 on which the applicable percentage applies or $150,000; and
(1)(b)(ii)(B) beginning on January 1, 2029, the greater of $50,000 or an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000.
(2) Before May 1 of each year, each agency title insurance producer shall submit a report to the commissioner containing proof satisfactory to the commissioner that the agency title insurance producer had sufficient capital and net worth for the preceding calendar year.