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Utah Code Title 31A. Insurance Code § 31A-41-203. Use of money

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) Money in the fund may be used to pay claims made under Part 3, Claims on Fund.

(2)(a) Except as limited by Subsection (2)(b), money in the fund in excess of $250,000 may be used by the commissioner, with the consent of the commission, to:

(i) investigate violations of this chapter related to fraud by a title insurance licensee;

(ii) conduct education and research in the field of title insurance; or

(iii) examine a title insurance licensee's:

(A) escrow and trust account;

(B) examination procedures; or

(C) compliance with applicable statutes and rules.

(b) The commissioner may not use more than 75% of money collected under this chapter in a fiscal year from assessments and interest for the purposes outlined in this Subsection (2).

(3) The disclosure of an examination conducted under this section is governed by Section 31A-2-204.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-41-203. Use of money - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-41-203/

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