Utah Statutes
§ 31A-41-303 — Determination and amount of fund liability.
Utah·Title 31A Insurance Code·Ch. 31A-41 Title Insurance Recovery, Education, and Research Fund Act·Part 31A-41-3 Claims on Fund
(1)Subject to the requirements of this part, if the department determines that a claim should be levied against the fund, the department shall enter an order that the fund pay that portion of the petitioner's judgment that is eligible for payment from the fund.
(2)A payment from the fund may not compensate for punitive damages, attorney fees, interest, or court costs.
(3)Regardless of the number of claimants or parcels of real estate involved in a single transaction, the liability of the fund may not exceed:
(3)(a) $15,000 for a single real estate transaction; or
(3)(b) $50,000 for all transactions of a title insurance licensee.
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Legislative History
Amended by Chapter 138, 2016 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.