Bulletin: UT2023001
Dear Associates:
The Department of Insurance adopted amendments to R590-276, Record Retention for Foreign Insurers, Alien Insurers, Commercially Domiciled Insurers, Foreign Title Insurers and Foreign Fraternals. The amended rule went into effect on January 10, 2023.
The majority of the changes bring the rule text in line with current rule-writing standards. Other changes clarify the language of the rule, remove the enforcement date section, and update the severability section. No material changes were made to the rule.
The rule states: “The retention requirement for the books and records of a foreign title insurer, including records related to title search, examination and underwriting used for determining insurability, is 15 years, pursuant to Subsection 31A-20-110(1).”
The rule continues; “The retention requirement for books and records related to escrow transactions involving real property is three years plus the current year, pursuant to Section 31A-23a-412(5).”
Here is a link to the Rule.
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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.