Bulletin: MP000001

Date:
March 18, 1997
To:
All Issuing Offices in Northern Mariana Islands
RE:
Stewart Reinsurance Retention
Dear Associates:
It is standard practice for a policy to be dated at the exact same time that the closing documents are recorded. If there is a gap between these two times, it is possible that documents could be recorded in the interim which could adversely affect the title as insured.
On occasion, a customer will request a “late recording” whereby the closing documents will be recorded later than the date of policy-thereby creating a gap. It is not the policy of the company to routinely accept this risk but exceptions may be made if valid reasons exist. Try to check the title for this interim period. In no event should the risk be taken without the approval of the National Legal Department. The National Legal Department may decide to take an indemnity based on sound credit principles.
See Section 7.00.1 of the Underwriting Manual for applicable rules and the form of indemnity agreement.

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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
17.20 Reinsurance
Exceptions Manual:
None
Forms:
None