31A-20-110 - Underwriting rules for title insurance. - Utah Statutes

31A-20-110. Underwriting rules for title insurance.
(1) No title insurance policy may be written until the title insurer or its producer hasconducted a reasonable search and examination of the title and has made a determination ofinsurability of title under sound underwriting principles. Evidence of this search and reasonabledetermination shall be retained in the files of the title insurer or its producer for not less than 15years after the policy has been issued, either in its original form or as recorded by any processwhich can accurately and reliably reproduce the original. This section does not apply to acompany assuming liability through a contract of reinsurance, or to a company acting ascoinsurer, if another coinsuring company has complied with this section.
(2) No title insurance policy may be issued except by a title insurance company or by aproducer licensed under Section 31A-23a-105.
(3) This section is enforceable only by the commissioner. It does not create, eliminate, ormodify any private cause of action or remedy.

Amended by Chapter 298, 2003 General Session