Section 31A-23a-119 - Special requirements for agency title insurance producers(1) As used in this section: (a) "Applicable percentage" means: (i) on February 1, 2024, through January 31, 2025, 2.5%;(ii) on February 1, 2025, through January 31, 2026, 3%;(iii) on February 1, 2026, through January 31, 2027, 3.5%;(iv) on February 1, 2027, through January 31, 2028, 4%; and(v) on February 1, 2028, through January 31, 2029, 4.5%.(b) "Sufficient capital and net worth" means:(i) for a new title entity:(A) $100,000 for the first five years after becoming a new agency title insurance producer; or(B) after the first five years after becoming a new agency title insurance producer, the greater of $50,000, or on February 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000; or(ii) for a title entity licensed before May 14, 2019:(A) for the time period beginning on February 1, 2020, and ending on January 31, 2029, the lesser of an amount equal to the applicable percentage of the title entity's average annual gross revenue over the two calendar years immediately preceding the February 1 on which the applicable percentage applies or $150,000; and(B) beginning on February 1, 2029, the greater of $50,000 or an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000.(2) Before May 1 of each year, each agency title insurance producer shall submit a report to the commissioner containing proof satisfactory to the commissioner that the agency title insurance producer had sufficient capital and net worth for the preceding calendar year.Added by Chapter 120, 2024 General Session ,§ 25, eff. 5/1/2024.