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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