31A-17-408 - Title insurance reserves. - Utah Statutes

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31A-17-408. Title insurance reserves.
(1) In addition to an adequate reserve for outstanding losses, a title insurance companyshall either:
(a) maintain and segregate an unearned premium reserve fund of not less than 10 centsfor each $1,000 face amount of retained liability under each title insurance contract or policy on asingle insurance risk issued; or
(b) have the commissioner review and approve a contract of reinsurance applicable to thetitle insurance company's policies, which contract adequately covers the exposure or risk whichthe unearned premium reserve would serve.
(2) The fund shall be maintained for the protection of policyholders and is not subject tothe claims of stockholders or creditors other than policyholders.

Amended by Chapter 116, 2001 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-17 > 31a-17-408

31A-17-408. Title insurance reserves.
(1) In addition to an adequate reserve for outstanding losses, a title insurance companyshall either:
(a) maintain and segregate an unearned premium reserve fund of not less than 10 centsfor each $1,000 face amount of retained liability under each title insurance contract or policy on asingle insurance risk issued; or
(b) have the commissioner review and approve a contract of reinsurance applicable to thetitle insurance company's policies, which contract adequately covers the exposure or risk whichthe unearned premium reserve would serve.
(2) The fund shall be maintained for the protection of policyholders and is not subject tothe claims of stockholders or creditors other than policyholders.

Amended by Chapter 116, 2001 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-17 > 31a-17-408

31A-17-408. Title insurance reserves.
(1) In addition to an adequate reserve for outstanding losses, a title insurance companyshall either:
(a) maintain and segregate an unearned premium reserve fund of not less than 10 centsfor each $1,000 face amount of retained liability under each title insurance contract or policy on asingle insurance risk issued; or
(b) have the commissioner review and approve a contract of reinsurance applicable to thetitle insurance company's policies, which contract adequately covers the exposure or risk whichthe unearned premium reserve would serve.
(2) The fund shall be maintained for the protection of policyholders and is not subject tothe claims of stockholders or creditors other than policyholders.

Amended by Chapter 116, 2001 General Session