A dual licensed title licensee may provide a title insurance product or service under this title only if before providing that title insurance product or service the dual licensed title licensee obtains approval as provided in this section.
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
Title licensee: means a person licensed under this title as:
(a)
an agency title insurance producer with a title insurance line of authority;
(b)
an individual title insurance producer with:
(i)
a general title insurance line of authority; or
(ii)
a specific category of authority for title insurance; or
Except as provided in Subsection (3), a dual licensed title licensee shall obtain approval from the commissioner by filing under penalty of perjury with the department:
(i)
a statement that includes:
(A)
a description of the title insurance product or service to be provided;
(B)
the names of the principals anticipated to be involved in the provision or receipt of the title insurance product or service;
(C)
a legal description of the property to be involved in the provision or receipt of the title insurance product or service;
(D)
whether or not the dual licensed title licensee received any consideration from a person described in Subsection (2)(a)(i)(B) within 18 months prior to the day on which the dual licensed title licensee files the statement; and
(E)
any other information the commission requires by rule made in accordance with this section and Section 31A-2-404; and
The commissioner shall approve the provision of a title insurance product or service under this section if the commissioner finds that the dual licensed title licensee:
(i)
completed the filing required by Subsection (2)(a);
(ii)
is acting in good faith; and
(iii)
has not received consideration from a person described in Subsection (2)(a)(i)(B) within the 18-month period described in Subsection (2)(a)(i)(D).
(c)
If the commissioner does not deny approval under this section, the commissioner is considered to have approved the provision of the title insurance product or service the earlier of:
(i)
the day on which the commissioner issues the commissioner’s approval in writing; or
(ii)
15 days after the day on which the dual licensed title licensee completes the filing under Subsection (2)(a).
(3)
Notwithstanding Subsection (2), a dual licensed title licensee may obtain approval from the chair of the commission if:
(a)
the dual licensed title licensee completes the filing under Subsection (2)(a);
(b)
the dual licensed title licensee establishes a need for expedited approval; and
(c)
the chair of the commission issues approval in writing after making the findings described in Subsection (2)(b).
(4)
The commissioner shall revoke the license under this title of a dual licensed title licensee if the dual licensed title licensee:
(a)
provides a title insurance product or service without the approval required by this section; or
(b)
knowingly provides false or misleading information in the statement required by Subsection (2).
(5)
The commission may make rules, subject to Section 31A-2-404, to implement the filing requirements under Subsection (2), including the definition of terms.
