Bulletin: NM000007

Date:
July 27, 2001
To:
All Issuing Offices in New Mexico
RE:
New Rules and Forms Effective August 1, 2001

Dear Associates:

The Superintendent adopted new endorsements and other matters pursuant to the 2000 Annual Hearing.

Agent's Premium Retention
The basic agent retention was changed from 80% to 78%, with the graduated commission rate otherwise remaining the same.

Premium
The premium charged to the public was not changed.

Manufactured Housing Unit Endorsement (Available through the references section at the end of this bulletin)
The Manufactured Housing Unit Endorsement (NM 16) was changed to be the same as the ALTA Manufactured Housing Endorsement (ALTA 7).

Named Insured Endorsement (Available through the references section at the end of this bulletin)
The Named Insured Endorsement (NM 55) was adopted. It must be attached to all new Owner's Policies and Leasehold Owner's Policies for no additional charge. It shall be provided on any previously issued Owner's or Leasehold Owner's Policy upon request for an additional premium of $25.

Leasehold Policies and Endorsements
The Leasehold Policies and Endorsements were amended. You must add the following in Schedule B if you insure a leasehold:

A. To Schedule B of Leasehold Owner's Policy (NM 4), add: "Section 14 of the Conditions and Stipulations of this Policy is hereby deleted."

B. To Schedule B of Leasehold Loan Policy (NM 5), add: "Section 13 of the Conditions and Stipulations of this Policy is hereby deleted."

C. To Schedule B of Owner's Policy (NM 1) with Leasehold Owner's Endorsement (NM 20), add: "Section 13.1 of the Conditions and Stipulations of this Policy is hereby deleted."

D. To Schedule B of Loan Policy (NM 2) with Leasehold Loan Policy Endorsement (NM 21), add: "Section 12.1 of the Conditions and Stipulations of this Policy is hereby deleted."

Effective Date
All changes are effective August 1, 2001

Stewart's Forms and Information Department will provide to you upon request the amended Manufactured Housing Endorsement (NM 16) and the Named Insured Endorsement (NM 55).

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:
None
Exceptions Manual:
None
Forms:
NM Form 16 Manufactured Housing Unit Endorsement (ALTA Form 7-06, Rev. 2006)
 
NM Form 55 Named Insured Endorsement