Section R590-225-10 - Additional Procedures for Title Rate Filings(1) A title rate and a supplementary information filing are file before use filings and shall be filed 30 days before use.(2)(a) A change or amendment to a schedule of rates shall state the effective date of the change or amendment, which may not be less than 30 days after the date of filing.(b) A change or amendment remains in force for a period of at least 90 days from its effective date.(3)(a) Supplementary information and rate filings shall be supported and justified by each insurer.(b) A justification shall include: (i) submission of all factors used in determining initial supplementary information and rates or changes in existing supplementary information and rates; and(ii) a complete explanation of each factor and how it is used.(4) Rates that vary by risk classification, such as extended coverage or standard coverage, and discount factors, such as refinance, subdivision, or construction for purpose of resale discounts, shall be supported by differences in expected losses or expenses.(5) A rate may not be filed or used that requires a title insurer, an agency title insurance producer, or an individual title insurance producer to operate at less than the cost of doing business or inadequately underwrite a title insurance policy.Utah Admin. Code R590-225-10
Amended by Utah State Bulletin Number 2018-1, effective 12/8/2017Amended by Utah State Bulletin Number 2023-06, effective 3/10/2023