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Archive for December, 2009

Are You Designated?

          Being involved in insurance continuing education, I often search the Utah Insurance Department’s web site to determine the title insurance license number of my students. As I review the information available, I am often surprised with the status of an individual’s license. Often a title insurance licensee is listed on a company for which they no longer work, and/or are not listed on the title company’s list where they are currently working.

          The Utah Insurance Code requires an insurance agency to designate all licensed individuals who work for that agency.

31A-23a-302. Agency designations.

(1) An agency shall designate an individual that has an individual producer, limited line producer, customer service representative, consultant, managing general agent, or reinsurance intermediary license to act on the agency’s behalf in order for the licensee to do business for the agency in this state.

          This will require that all those employed and/or working as an independent contractor with a title and escrow company and who have a title, escrow or marketing rep’s title insurance license be designated. If an individual is not designated, they may be subject to an administrative action by the Utah Insurance Company.

          I would recommend that all title insurance licensees double check to make sure they are designated by the title and escrow company for which they are associated. It would also be appropriate to have a designation removed from any company for which you are no longer employed.

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