Utah Code 31A-41-303. Determination and amount of fund liability

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31A-41-303. Determination and amount of fund liability.

(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.

Terms Used In Utah Code 31A-41-303

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Department: means the Insurance Department. See Utah Code 31A-1-301
Fund: means the Title Insurance Recovery, Education, and Research Fund created in Section 31A-41-201. See Utah Code 31A-41-102
Insurance: includes :

(i)	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 Order: means an order of the commissioner. See Utah Code 31A-1-301
(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:

(a)	$15,000 for a single real estate transaction; or

(b)	$50,000 for all transactions of a title insurance licensee.

Amended by Chapter 138, 2016 General Session

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